So you’re thinking to yourself that the subject of records retention is about as sexy as Birkenstocks with socks – something best left up to the chronically persnickety, right? But with record retention periods and parameters increasingly being governed by strict regulations, it’s a necessary evil that if left unattended, can result in serious fines and penalties for businesses and organizations that are found to be non-compliant.
Morgan Stanley is a good case in point: The company paid a record-breaking $15 million fine to the SEC for failing to properly retain and produce e-mails related to several investigations.
Using a document management system in combination with online backup can help businesses automate their records maintenance cost-effectively and with ease. This is extremely important since retention periods vary greatly depending on the industry and the information contained in the documents. For example, under SEC rules, retention periods range from two, three, four or even seven years for some records while The U.S. Department of Labor’s Occupational Safety & Health Administration (OSHA) requires some health-related documents be retained for either 30 years or the duration of a person’s employment plus 30 years!
Is your business prepared to meet these types of retention requirements?
Protect your Organization with Online Document Backup
With an online document management system that includes automated records retention management functionality, there is no real excuse for a business or organization not to be in compliance. Online document management and records management systems are easy to implement and extremely affordable even for the smallest of enterprises. And with hindsight being 20/20, many experts will tell you that it’s tremendously more affordable to implement a document management solution with online backup than it is to face a steep government fine or the expense and the hassle of going through lengthy litigation procedures.
Advantages of Online Backup:
- Sets retention controls and alerts to mitigates the risk from audits or litigation
- Maintains compliance with all applicable government regulations
- Automates your records management procedures to ensure all policies are followed.
- Ensures that documents and records are purged in a timely manner.
Document management software is an ideal way to meet strict compliance standards and record-keeping rules and seamlessly provides several layers of security, which include:
- Password-protected access to files and documents (access control and authentication)
- Audit trailstracking every time a document is opened or updated (provides for information integrity)
- Document encryption (authenticity and non-repudiation).