image credit: pxhere
While sports records are made to be broken, enterprise records are made to be retained—at least until they’ve outlived their usefulness. As regulatory mandates rapidly multiply, enterprises are facing a document tsunami, as current and outdated records begin overwhelming the human and IT resources necessary to securely store, track, manage and eventually destroy them.
Each records class has a retention period that’s defined by a combination of corporate policy, business risk tolerance, external legal advice, regulatory requirements and legal obligations, says Sean Riley, a principal at Deloitte Risk and Financial Advisory. “Some records only need to be kept for three years, others may need to be kept indefinitely for business value or legal reasons,” he notes.
