Without a records retention program, a company leaves itself exposed to potential legal issues, regulatory noncompliance and unnecessary storage costs.
Regulatory Compliance
When it comes to establishing or updating a records retention program, consult your industry specific regulatory organization (such as the American Bar Association) for guidelines applicable to your business. For example, a private doctor's office may have different requirements than a large legal firm. When your records retention policy is clearly defined, followed, and documented, you can prove to regulatory organizations that you are adhering to proper guidelines and keep the threat of legal issues at bay.
Security
When your documents are properly archived and stored, the risk of theft or loss decreases, as they are not in constant circulation. For an even bigger boost in security, consider storing your records offsite where they can be monitored 24/7/365 under closed circuit surveillance systems. R4 Service's document storage facilities are climate controlled, have constant backup power, and utilize state of the art fire suppression systems.
Profitability
The cost of extra storage space at a large warehouse facility designed for document storage can be much lower than additional square feet in a high-rent metropolitan office. This allows companies to still be compliant and keep records secure, without the skyrocketing real estate cost of extra office space. You'll see an increase in profitability as you reduce your property costs.
Regulatory Compliance
When it comes to establishing or updating a records retention program, consult your industry specific regulatory organization (such as the American Bar Association) for guidelines applicable to your business. For example, a private doctor's office may have different requirements than a large legal firm. When your records retention policy is clearly defined, followed, and documented, you can prove to regulatory organizations that you are adhering to proper guidelines and keep the threat of legal issues at bay.
Security
When your documents are properly archived and stored, the risk of theft or loss decreases, as they are not in constant circulation. For an even bigger boost in security, consider storing your records offsite where they can be monitored 24/7/365 under closed circuit surveillance systems. R4 Service's document storage facilities are climate controlled, have constant backup power, and utilize state of the art fire suppression systems.
Profitability
The cost of extra storage space at a large warehouse facility designed for document storage can be much lower than additional square feet in a high-rent metropolitan office. This allows companies to still be compliant and keep records secure, without the skyrocketing real estate cost of extra office space. You'll see an increase in profitability as you reduce your property costs.
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