Document retention is a crucial process for all businesses, no matter how big or what industry they operate in. It boosts efficiency of businesses and reduces storage costs and helps ensure compliance with regulations. However, secure document retention is only one component of a comprehensive information management strategy.
A solid document you can find out more retention plan should take into consideration state and federal laws, and also the company’s specific policies. It must also provide a clear outline of procedures for storing retrieving and destroying documents. To determine the length of time the document should be kept it is crucial to know its purpose. This could include anything from proving or disproving legal claims, defending tax deductions or proving the rationale behind a business decision. Inconsistent archiving can cause legal issues and compromise a business’s ability to respond to public inquiries or Freedom of Information Act requests.
A clear plan for document storage can help to avoid legal exposure and security threats as well as data breaches and a rise in storage costs. It can also help firms and financial advisors to focus on their work day in peace knowing that non-useful or outdated files are being removed in the appropriate manner, without causing any disruption to the business’s activities.
A reliable, secure and scalable digital records management system such as FutureVault can assist firms and financial advisors meet their document retention requirements and ensure the security of vital client data. Access controls that are comprehensive, workflow automation, and organization of information help enforce retention policies and schedules. Comprehensive indexing allows searchability by content dates, date or any other attribute, and every capture, version, annotation, and workflow process is recorded to ensure full transparency and auditing.
