Legal Services Brief

The Importance of Records Retention

by Scott Paster
July 5, 2016

While my focus for this post is on records retention, I’d like to first spotlight our perspective on the broad topic of information governance (IG). IG solutions from Canon Business Process Services (Canon) provide an accountability framework that enables our clients to create, store, use, dispose and/or permanently archive information for vital or historical purposes. We implement these solutions in accordance with regulatory, legal, risk mitigation and business workflow requirements. Our IG programs address the controls and metrics necessary to capitalize on valuable information and to establish governance across the enterprise.

Implementing and maintaining an effective records retention schedule is an important element in meeting these and other IG goals. With this in mind, I’d like to share a recent Legaltech News article that makes a critical point about the importance of maintaining an effective records retention schedule. In particular, the article points out that companies must not overlook the importance of both developing and then integrating information retention policies and litigation readiness measures. Taking such action can help your organization be better prepared for legal actions. On the other hand, taking no action can result in such consequences as court sanctions. This is illustrated by a recent case the article cites, Sell v. Country Life Insurance.

One of our recent webcasts, "Steps to Developing a Records Retention Schedule” is particularly relevant to this issue. The presentation offers key insights such as resources you can leverage to develop a records retention schedule that meets your organization’s needs. Another highlight is a sample records retention schedule that you can use as a model for your own program.

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