Record Retention, Archival & Disposition

If you are in a regulated industry, maintaining a clear and effective record retention policy is essential for businesses of all sizes. The Sarbanes-Oxley Act of 2002 mandates that companies implement a structured Record Retention and Archival system, ensuring vital documents like workpapers, financial statements, and communications are preserved for a minimum of seven years after an audit. infoRouter's Record Retention and Archival System simplifies compliance with these regulations by automatically applying retention schedules and providing support for industry standards and regulatory bodies such as ISO 9001, and HIPAA. infoRouter is also compliant with DoD 5015 Records Management Guidelines. This ensures that businesses not only stay compliant but also protect critical records from accidental or deliberate deletion.

• Contracts
• Documents
• Memos
• Employee records
• Legal contracts
• Correspondence
• Communications
• Email messages
• Financial statements and financial documents and data

All such documents must be retained for a period of 7 years after an audit is performed. Issuers' financial statements and the financial statements of registered investment companies are also subject to record retention rules and schedules.

Document retention, archival, and disposition are essential for all businesses, regardless of whether they have legal requirements or regulatory compliance obligations. Even companies that operate in non-regulated environments can benefit from these functionalities to efficiently manage their mission-critical documents. Retaining electronic documents and financial records for the proper time period not only reduces the risk of legal liabilities but also supports business continuity by ensuring that vital records like legal contracts, intellectual property, and project documents are accessible when needed. This functionality is crucial for any organization looking to safeguard their important assets and streamline document management processes.

Different types of documents require varying retention periods depending on regulatory requirements and business needs. For instance, financial records may need to be stored for several years, while messages and correspondence may have shorter retention periods. A clear retention schedule ensures that essential documents are retained for the appropriate period of time, and inactive documents are disposed of securely.

Archiving digital files and electronic records is crucial for maintaining secure storage and meeting historical data requirements. By utilizing document management systems, companies can safely store electronic files in digital formats and ensure archived documents remain accessible. The long-term storage of digital documents also allows businesses to retain historical records for audits or internal reviews.

A document management company like infoRouter plays an essential role in helping organizations comply with various regulations. With advanced features for retention periods, archiving, and disposition, document management systems ensure regulatory compliance is achieved. These systems simplify the management of electronic records, financial records, and other essential documents by automating retention schedules and protecting digital records from unauthorized access.

Secure long-term storage of vital records such as financial records, intellectual property, and legal contracts is a key component of any document retention policy. Ensuring access to these electronic documents when needed is critical for regulatory compliance and operational efficiency. By storing archived documents securely and enabling easy retrieval, infoRouter helps businesses maintain control over their historical record.

After documents have fulfilled their required retention periods, proper disposition is necessary to ensure regulatory compliance. Disposing of outdated or irrelevant records helps businesses reduce storage costs and mitigate legal risks. Document management systems allow companies to automate the disposal of inactive documents, ensuring they are securely destroyed or archived for future reference if needed.

Implementing a comprehensive document retention policy ensures that businesses:

• Stay compliant with legal requirements and regulatory compliance.
• Protect intellectual property and other critical assets.
• Safeguard electronic documents and prevent data loss.
• Ensure easy access to archived documents during audits or legal reviews.

• DoD 5015 STD Compliant Records Management System
• Support for Sarbanes Oxley Act - Procedure documentation and Record Retention.
• ISO 9000 - 9001 - ISO Document Control
• Periodic Document Review Mechanism for procedure documentation and certification.
• HIPAA Compliant Record Management System - Patient Record Access and Retention
• Retention Schedules and Policies are automatically applied to documents and folders.

infoRouter Retention and Disposition Schedules is a key feature which allows a special group of users to create and manage templates on how documents are retained and disposed.

Any document or folder marked with a retention schedule is protected from accidental or deliberate deletion.

Retention and Disposition Managers can create different type of Retention Schedules that apply to different types of documents:

• Financial Documents for a 5-year retention period
• Project Documents for a 5-year retention period
• Vital Records for Permanent retention

Users can trigger these schedules by applying cut-offs to documents

If a document has no retention schedule applied, users with access can easily archive documents, a batch of documents or folders. Archived documents are just as accesible as other documents but cannot be edited or altered.