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The Top Reasons Your Business Needs a Document Retention Policy

Do you have a plan for managing and protecting your documents? A document retention policy establishes what documents to keep, how long to store them, and when they should be destroyed. Here are the top reasons your organisation needs a document retention policy: 

Clutter Reduction

Office clutter stifles productivity and dampens employee morale. A document retention policy reduces clutter by allowing you to destroy documents when retention requirements expire. Expiry dates are flagged so you know when your documents can be shredded.

Cost Savings

Filing cabinets stuffed with documents take up expensive office space. A document retention policy reduces your in-house storage costs and helps you devote more square metres to revenue generation. Archival documents can be stored off-site with a file storage service at a fraction of the cost, while expired documents can be purged with a file shredding service.

Efficiency

Endlessly digging through boxes and filing cabinets is a waste of time. A document retention policy offers a roadmap for locating your documents quickly and easily. 

Compliance

The General Data Protection Regulation (GDPR) states, “Personal data processed for any purpose or purposes shall not be kept for longer than is necessary for that purpose or purposes.” Failure to comply with the act can result in criminal prosecution or monetary penalties of up to 4% of your company’s annual turnover.

A document retention policy ensures the sensitive information collected from your customers is disposed of securely and in accordance with the law. When you use a secure destruction service, a Certificate of Destruction is issued each time your documents are destroyed, offering documented proof of your company’s compliance with GDPR.

Liability

Privacy breach risks increase your company’s liability exposure. A document retention policy ensures that your organisation will destroy expired records promptly and in keeping with final disposition rules.

Privacy Protection

You have an ethical and legal obligation to protect your customers and employees from identity theft. A document retention policy outlines procedures for securely storing collected personal information, so customer and employee confidentiality is safeguarded at all times.

A document retention policy is key to a successful organisation. Don’t wait to make one for your business.

Archive Document Data Storage (ADDS) provides records and information management solutions for businesses throughout London, Bristol, Bath, and Swindon. For more information, please contact us by phone or complete the form on this page.

Natasha Rawley The File Queen: Expert in Record & Information Management, LPM Columnist.

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