Consider using software that automates how long documents are kept according to document type and the requirements of your industry. It is common today for companies to have to manage thousands of records associated with a business, project, transaction or individual, such as in the case of Epson Europe's HR department.
The storage and management of documents can place a huge cost and operational burden on some organisations, so many are turning to electronic document management to automate retention policies.
Electronic document management allows organisations to pre-determine the length of retention and the checkpoints and procedures for their destruction at known intervals.
The retention period of a document is an aspect of records management. It represents the period of time a document must be kept or "retained" electronically and/or in paper format. At the end of the retention period, the document is usually destroyed.
The term document retention is used by HR and healthcare professionals, lawyers, accountants and tax professionals whose occupation involves dealing with legal documents that only need to remain in existence for a certain amount of time.
The document retention period varies for different types of records and by industry, based on the likelihood that the document will be needed at some point in the future for verification or litigation reasons. Records that will serve no further purpose (as determined by the length of their retention period) are destroyed, digitally or by shredder.
The challenges of records management often varies regionally. In the United Kingdom, though standardisation is still emerging, more companies are implementing lifecycle policies that cover the whole lifecycle of a record so that once it is created, controls are triggered to regulate its access and distribution, retention and destruction. In the USA over the last ten years companies have had to contend with challenges posed by the Sarbanes–Oxley Act of 2002, also known as the 'Corporate and Auditing Accountability and Responsibility Act' (or Sarbox),which is a federal lawthat set new standards for all U.S. public company boards, management and public accounting firms.
Document Logistix flagship software product, Document Manager, enables you to automate records retention and deletion from the moment you assign document to the system. Automated retention helps companies to comply with legal obligations and to manage the demands of data regulations such as GDPR.
The Document Logistix solution for records retention manages the retention and destruction of stored documents according to predefined schedules for each document type. The destruction process is initiated by the passage of time, and allows for automatic deletion and/or removal from Document Manager. You can determine the document retention period, which will frequently be dictated by regulatory requirements for inspections or audit, such as in government or the healthcare, insurance and financial services industries. As a result, automating records retention with Document Manager helps organisations to avoid fines and to reduce legal risks associated with expired content.
Epson Europe overcame the headache of manually managing thousands of documents associated with employees by moving to Document Manager. They talk about the many benefits of migrating to new systems in the video on this page.
Records retention management software. Document Logistix releases Retention Module user documentation
Jason Field Document Logistix User Group 2019. Subject Access Requests, GDPR, Compliance and Automation.
Epson Europe took advantage of Cloud DM for records and retention