Only 47% of organizations have a records retention plan, according to AIIM. Most organizations are required to retain and dispose of records over a set period of time to comply with state and federal regulations. Does your organization have a records retention policy in place? Many organizations are unsure of the kinds of documents and information to keep or not keep. By default, they keep everything, putting them at legal risk. This is also not good records management.
What if you could limit liability for your organization while also reducing the costs associated with records management? With an Enterprise Content Management (ECM) system, like ImageSilo, and a formal records retention policy, your organization will avoid the potential legal ramifications that could result in costly fines and possible legal liability for executives.
Use the helpful Document Retention Checklist below to guide you through the process of planning your records retention policy using the PaperVision suite of Enterprise Content Management system (ECM) products, and to comply with government records retention regulations while lowering your organization costs using an ECM system.
If your organization is ever involved in litigation or a regulatory inquiry where you have to produce information, you need to be able to quickly and securely access your data.
The first step is to create a plan. Start by using this checklist and five-step planning guide to ensure that you’re getting all of the critical features and key elements you need to effectively manage a System of Record for your organization, and to make sure you comply with those regulations.
Make A Plan
□ Where is your data?
◯ Paper Documents / Filing Cabinets
◯ Electronic Documents / Computers / Mobile Devices / Flash Drives / Disks
◯ Digital Copiers / Printers
□ Do you know how long to store both paper and electronic records for every department?
Classify Your Records
□ Do you know how to classify records, either automatically or manually, so that they can be easily stored and accessed?
□ Are your digital records loaded into an Enterprise Content Management (ECM) system?
◯ If so, have you set up retention and destruction schedules to fit your organization’s needs?
Secure Your Records
□ Are your records securely stored?
□ Does your records management strategy meet these four basic security requirements?
◯ Physical Security – Are all your paper documents, files, flash drives, and back-ups that contain critical personal information locked in a room or file cabinet that is secure?
◯ Electronic Security – Are your electronically stored documents protected from attacks and breaches with encryption both during transmission and at rest?
◯ Authentication – Do you restrict user access to information through extensive security settings to control user, project, and document settings?
◌ Does your system provide evidence of audit trails, security controls, user activity, and document history?
◯ Disaster Recovery – Is your data secure from theft, loss, natural disaster or cyber attacks?
Comply With Policies
□ Is your organization aware of the federal and state regulations with which you must comply?
□ Have you consulted with your attorney to determine which regulations apply specifically to your industry?
□ Do you have to comply with any of the following:
◯ Sarbanes-Oxley Act (SOX)
◯ Health Insurance Portability and Accountability Act (HIPAA)
◯ Federal Rules of Civil Procedure (FRCP)
◯ SEC Rule 17 (SEC 17)
◯ Gramm-Leach-Biley Act (GLBA)
Eliminate Expired Records
□ Do you know what records you can get rid of?
□ Is the destruction of these records automated or are individual employees responsible?
□ Who are the individuals involved?
□ Can you consistently determine what records can be destroyed?
Now that you know what questions you need to answer, getting a formal policy in place can be a breeze.
We want to show you how Microtek’s over 50 years of experience can help you and your organization. If you have any questions, would like any additional information, or would like a free and no obligation consultation and estimate, please don’t hesitate to call us at 314-872-3322 or 800-264-2808 and ask for Aaron Liess or Mark Sandheinrich, or email us at firstname.lastname@example.org. Thank you!