The traditional concept of using a retention schedule to manage just “records” is no longer sufficient. This article offers practical advice for developing and implementing a modern, executable retention schedule based on the business value of all “information” – regardless of its location – in today’s complex business environment. Lorrie Luellig, J.D.
Despite the digital sea change in the way information is created and stored, most organizations continue to use their retention schedule solely to define what a “record,” is and they adopt a simplistic approach to managing these records, whether it’s to “manage everything,” “dispose of everything,” or “keep just what’s needed.”
Some organizations, however, recognize that these antiquated approaches actually increase costs and risks because of a widening gap between those employees who understand the value of information – records and information management (RIM), legal, and other business units – and those who actually manage the data – IT.
These organizations are closing the gap by modernizing the retention schedule to reflect how the business values information, how legal obligations impact information, and how IT stores, secures, and disposes of information.
To create a retention strategy that works, they are bringing together stakeholders from RIM, legal, business, and IT units to create an information governance framework that lowers costs and risks by enabling the legally defensible disposal of valueless information.