In the age of advancing technology and big data, capturing and retaining data are vital tasks that businesses must prioritize. This is important as both a means of improving business and to meet the archival requirements required by law. Data retention is a complex project because businesses and industries have multiple possible streams of data collection. As technologies advance, businesses and industries should be prepared for an even greater proliferation of data that will be required for retention.
Best practices for business in the area of data retention involve creating a data retention policy template that can be used as an overarching plan.
What Should Be Included in a Data Retention Policy Template?
A comprehensive policy template for data retention should have several components. It should begin with a policy statement that clearly describes in plain language the overall scope and types of data that will be retained, the archiving process for the data, the length of time that the data will be retained, and any possible changes to data retention if the organization is in litigation.
Documents and data should be organized by category. Furthermore, each category should have a distinct time limit for retention associated with it. The policy template should also detail who within the organization will be responsible for data retention as well as what types of initial training and ongoing training the responsible parties will undergo. A data backup plan, as well as methods for data recovery, should be included in the policy. There should also be details on a regular legal review of the policy by qualified counsel to maintain compliance standards.
What Is the Purpose of Creating a Template for Data Retention?
Data retention is required by law for businesses and industries; the types of data required for retention varies from industry to industry and includes both public and private businesses as well as government entities. Creating a policy template allows organizations to craft a policy statement that will guide their data retention efforts into the future.
If your business is looking for an efficient and time-saving solution for creating a data retention solution template with scheduled management features, contact Information Requirements Clearinghouse. IRCH provides innovative and cutting-edge data retention management solutions for several industries, including credit unions, manufacturing, power and utilities, and petroleum and gas. In addition, we have other industry-specific templates in development. Our team looks forward to partnering with your business.