Do me a favor. Take a look at your data retention policy.
Did you do it? It looks fine, right? All the language is there. The dates and times are in it, the “I’s” are dotted and the “T’s” are crossed. It must be good enough.
But how well is it really going to serve you in the event of a legal hold, and is it costing you money simply by its own inefficiency?
To help you better make that determination, we at RVM have compiled a thorough list of reasons why you may want to consider updating your policy, taking into consideration both the legal liabilities represented by the policy as well as its cost to your business operations.
Here are RVM’s TOP 5 REASONS TO REVISE YOUR DATA RETENTION POLICY.
You have retained data old enough to sit on your board and vote on a data retention policy.
Preserving records is important, and different agencies will have different reporting requirements. That said, making a determination about how long to retain your data and sticking to it will save a lot of headaches.
Determining who is responsible for managing a legal hold turns into a game of “not it!” among your leadership team.
Data may have many owners. But in the event of a legal hold or investigation, there’s no time for disorganization. Make the determination ahead of time who will take responsibility for coordinating a response.
Your data storage bills are bigger and more complicated than your quarterly tax statements.
You’re paying for all that data you’re storing. So why do you want to pay for data that you will never need?
“Where is our data?” is really more of a rhetorical question than one for which you have good answers.
Part of developing a record retention policy is identifying the locations of all the data – an important exercise that can ease the burden of collecting in the event of a legal hold.
The technology at the backbone of your policy, helping you maintain and organize your data is Microsoft Excel.
Excel is a great program, but responding to a legal hold or investigation is serious business, for which there are serious tools. The most efficient way to proceed is to utilize one of those tools.