A common question businesses face is how long their records should be retained. Many businesses have not developed document retention policies, have outdated policies, or simply do not follow their existing policies. A record retention policy provides guidance for how long organizations are to possess various types of business documents including corporate, accounting, taxation, human resources, payroll, insurance, legal, and other types of records.
The following explains why a standardized approach to document retention is important. It also lists the sources of regulations that govern record retention and offers guidelines for developing and implementing a document retention policy.
Length: 2 pages (PDF 87 kB)