How long do I have to retain my business data?
This week I sat down with Tony Langford from The Langford Group to discuss business data retention. Here are his words of wisdom. Every company should periodically review their data protection and record retention policies and practices to ensure that any recent changes to their business are incorporated into this policy. With the proliferation of electronic document management systems and cloud based computing environments, many companies will undoubtedly benefit from this periodic review. If a policy is not currently established, this should be addressed as soon as possible to mitigate any risk to the business operations or any legal risk that may exist. A company should also have its legal counsel review this policy to make sure that all legal areas are covered. The policy should spell out what records should be kept and for how long. There are not only best practices to consider but also industry specific requirement that need to be taken into account. Be sure that you understand what your company is legally obligated to do and then do it!
Recommended Holding Periods For Various Document Types
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