All companies are required to retain business documents and records either to meet their business and administrative needs or to comply with legal and industry regulations. The length of time the records need to be retained depends on its administrative value, it’s vital and historical value and it’s legal or regulatory requirements. With large amounts of documents generated by businesses today, efficient retention of records has become a major challenge.
So why not keep all records forever? Although some records will need to be preserved forever, all records should not be preserved for two primary reasons:
- It’s not cost effective or efficient. Retaining more records than needed or required will increase costs and complexity associated with handling large amounts of records.
- It will expose you to legal risks. If all records are discoverable beyond their retention period, they will need to be provided in an event of a legal challenge, audit or government investigation and can be potentially used against your interests
Docsvault offers a complete Records Retention Management Solution for your records that simplifies identifying, classifying and finally disposition of records as per your internal policies and regulatory laws.
What it means for you?
Docsvault understands that each organization is unique and therefore offers a flexible solution to suit their individual needs. Docsvault’s Records Retention module makes managing of records easy.From developing retention policy to the final disposition of records, Docsvault helps you manage the entire lifecycle of records including circulation of physical records. It logs all record activities for a completely traceable and defendable disposition of records.
Generate new entries for physical records and assign proper retention policy to digital documents in the system.
Quickly search for records by name, its unique ID, record series, disposition date, hold typesand many other criteria.
Manage and monitor circulation of physical records inside and outside of your organization. Email reminderscan automatically send out notifications when records are due for check in.
Easily create batches of records for disposition on regular basis. Deploy proper checks for records disposition by assigning clear roles for approvals and final disposition.