As we turn the calendar to a new year, now is a good time to review old documents and decide which records can be purged.
Before you begin sorting through old documents, make sure you have a retention schedule in place. Without a retention schedule, a company leaves itself exposed to potential legal issues, regulatory non-compliance and unnecessary storage costs.
When reviewing your retention program, consider the risks of keeping records past their legally-required time frame. Depending on your industry, you may be required to keep certain documents for a specified time period, and you may also be legally required to purge the documents after a certain date.
Every organization will come to their own conclusion on the timing of document destruction. It’s important to weigh the risk factors and your litigation strategy, and make the right decision on the timing of purging your company’s records.
Need help with securely destroying your confidential information this year? Let R4 Services help you achieve compliance and reduce costs.