Document retention is a crucial process for every business, regardless of how big or the industry. It can help improve efficiency in the business, less storage costs and helps ensure compliance with regulations. However, secure document retention is just one aspect of a comprehensive strategy for managing information.
A solid document retention policy should take into consideration both federal and state laws, in addition to the specific policies of the company. It should also specify clearly the procedure for keeping documents as well as retrieving them and the destruction of them. It is also crucial to determine the purpose of the document to determine the length of its retention. This could involve anything from supporting or refuting legal claims, defending tax deductions or the rationale behind a business decision. Inconsistent archiving can lead to legal problems and hinder the ability of a company to respond to public requests for information or Freedom of Information Act requests.
A clear and organized plan for document storage can help protect against legal exposure, security risks data breaches, and more expensive storage costs. It can also help firms and financial advisors focus on their daily tasks with peace of mind knowing that any unneeded confidential, outdated, or insecure documents are disposed of in the appropriate manner and without causing disruption to the company’s daily activities.
A reliable, secure and an scalable digital record management system like FutureVault can assist firms and financial advisors meet their document retention requirements and guarantee the long-term security of crucial client data. Comprehensive access controls and data management make it simple to enforce retention policies and schedules, while automated workflows provide complete accountability. Searchable through content, date or any other attribute. Each capture annotation, version, and workflow step are recorded to ensure complete transparency and auditability.