This feature is available only in Docsvault Enterprise & Ultimate Editions
All organizations create records in the regular course of business. These records may be paper based (such as books, papers, photographs), or may be in a digital format, such as office documents, e-mails etc.
These records are considered active as long as they meet the business needs. Once a record is no longer useful, it becomes inactive. But at times, it is required to retain them to meet the organization’s administrative, fiscal, or legal requirements. The time duration the record must be kept to meet these requirements is referred to as its retention period. The retention periods for various documents are determined by the organization's need and what the applicable laws and regulations mandate.
Records retention is a very important part of an organization’s document management policies. Docsvault Records Retention is a tool that helps you create, classify, and manage ongoing records with complete retention management workflow.
Docsvault allows authorized users and all the administrator group members to set retention rules for records. The Docsvault Records Retention Console can be accessed from both the Docsvault Server Manager as well as from Docsvault Desktop Client application.
Setting a retention schedule prevents documents from being deleted prematurely. All documents subject to retention are protected against accidental or deliberate deletions.
In creating the retention schedule, important records are to be classified, retention periods defined and disposition date prescribed. Classification of records and then tagging them with the appropriate metadata is necessary so that this information can be retrieved quickly.
The retention requirements for an organization’s records are recorded on an approved retention schedule, which is a complete list of records series that indicates for each series the length of time it is to be maintained.
A record is frozen from ordinary disposition procedures when a hold takes place. A record can be kept on hold due to audit, litigation or government requirement, or other such matter that suspends the normal disposition. Once a record is released from this hold, it can resume the normal procedure of disposition.
The final administration step with regards to records is Disposition. This may include transferring records to some other entity, destroying or preserving them permanently. During the disposition process, batches of such records are created for approval. If the batch is rejected, all the records are released from disposition. The object of this process is to provide proof that records have been disposed properly.
Let’s see how Docsvault can help you manage retention for physical and electronic records.