Why have a document retention policy?

The current digital age has made it easier for companies to retain an enormous volume of documents – significantly more than a company could have afforded to keep before the advent of electronic record-keeping. In response, companies have sought to upgrade their IT systems to digitize their paper records and to allow for increased storage. These upgrades, however, are inadequate without the adoption of a comprehensive formal policy to guide a company’s record-keeping process. Why have a document retention policy? Besides general organization purposes, there are a few other good reasons why a company should adopt a document retention policy:  1. Legal compliance First and foremost, having a document retention policy enables a company to fulfill its legal obligation to preserve documents that may be relevant to pending or potential litigation (i.e., its “litigation hold” obligation). Second, there are legislative requirements to retain certain…

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