Principle of Retention
By: Nellie Phillips,
Records Supervisor
Bristol Bay Native Corporation
the Principles®
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Accountability
Integrity
Protection
Compliance
Availability
Retention
• Disposition
• Transparency
Principle of Retention
• An organization shall retain its information for an
appropriate time, taking into account all operational,
legal, regulatory and fiscal requirements, and those of all
relevant binding authorities.
Why Retention???
• There are many laws and regulations that govern records
belonging to a corporation and the type of business they
conduct.
• Governing Agencies: Federal Government, State
Government, Regulators, Department of Labor, etc.
Professional
Authorities
Retention and the Record Lifecycle
• Retention commences
once a record begins the
document lifecycle.
Types of Retention Requirements
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Legal and Regulatory
Fiscal
Operational
Historical
Vital
Legal and Regulatory
• Local, national, and international laws mandate the
retention of records and information for a specific
(generally, the minimum) period of time.
• To comply with these extensive laws and regulations, an
organization must conduct legal research in consultation
with legal counsel to determine all retention
requirements. Failure to comply may result in costly
penalties and loss of legal rights.
Fiscal
• Records and information that have
financial or tax value must be retained to
ensure the timely payment of obligations
and the proper receipt of receivables, as
well as to support the organization’s
financial audits and tax returns.
• Legal research and consultation with legal
counsel must be completed to satisfy
fiscal retention requirements.
Operational
• An organization must determine how long records and
information are needed to satisfy its business needs. This
is usually determined by interviewing those most
knowledgeable about the operational value of each
record type.
Historical
• Records and information that depict the history of an
organization should be preserved for the life of that
organization.
Vital
• Vital Records enable an organization to return to
business following the first 72 hours of a disaster.
• Vital records are specific records which prove the
organization's legal and financial status as well as to
provide the ability to fulfill obligations. Protection
methods ensure back-up and recovery solutions are in
place.
What is a Retention Schedule?
A listing of record types (series)
owned by an organization which governs
how records are maintained and destroyed
in accordance with applicable laws,
regulations and business requirements.
The schedule identifies, for each
record type, the classification and
retention requirements including
identification of a data owner.
Functions of a Retention Schedule
• Policy Document – It is your statement of how long you
intend to keep particular records, and perhaps some
justification for the retention decision you’ve made.
• A set of work instructions – A way of determining how
long to retain a document and when to destroy them.
• A Compliance Document – It demonstrates to outside
parties that you are complying with any legal duties to
keep particular records for particular lengths of time.
Retention and Ownership
• When it comes to records
management - Ownership is key in
determining retention timeframes.
• Data owners are responsible for the
records under their purview.
• Data Owners use the retention
schedule to determine how long to
maintain inactive records
Types of Retention Schedules
• Departmental – The schedule is a listing of departments
or business units of the organization, with the records
managed by each unit listed.
• Functional – Records are grouped into categories based
upon the use of the record and the kind of information it
contains. Regardless of where the records are located or
who maintains them, records containing the same kind
of information fall into the same category.
Retention Schedule Type Comparison
Departmental
• Records belonging to each department are grouped together on the
retention schedule.
• The schedule may be duplicative and result in inconsistent retention
periods.
Functional
• Records are grouped together based on the records function
regardless of the departments that use them
• A departments records may be spread throughout the schedule
based upon their functional use.
Be Proactive!
Many organizations have suffered from the consequences
of not having a legally responsive RIM Program. It is best to
tackle the feet of Records Management as a normal course
of business and ensuring an up to date Record Retention
Schedule is maintained.
Conduct Risk Assessments
• This determines the appropriate retention period for
each type of record.
• Retention decision makers must be aware that the
presence or absence of records can be either helpful or
harmful to the organization.
• To minimize risks and costs associated with records
retention, it is essential to immediately dispose of
records after their retention period expires.
Final Thoughts
• Why can’t I just keep everything forever?
• The Retention Schedule should be enforced and actively
updated and managed
• Employees must be trained on how to use the Retention
Schedule
• Data Owners need to be educated on their retention
responsibilities
I have an expert!
Do you have a question?
Sources
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About ARMA International and the Generally Accepted Recordkeeping Principles®
ARMA International (www.arma.org) is a not-for-profit professional association and the authority on information
governance. Formed in 1955, ARMA International is the oldest and largest association for the information
management profession with a current international membership of more than 10,000. It provides education,
publications, and information on the efficient maintenance, retrieval, and preservation of vital information created
in public and private organizations in all sectors of the economy. It also publishes Information Management
magazine, and the Generally Accepted Recordkeeping Principles®. More information about the Principles can be
found at www.arma.org/principles.
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“How to Develop a Retention Schedule” – John Montana, J.D.
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“Records and Information Management Fundamentals of Professional Practice” – William Saffady
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Acumen Information Services, Inc.