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Record Retention ScheduleAttached is a template that may assist you in creating your company’s Record Retention Schedule. Keep in mind that, in general, it is not good practice to use a retention schedule created for someone else or one that offers generic suggestions. The development of a record retention schedule depends on each company’s operational needs, the documents it retains, and its risk tolerance. To develop a retention schedule, you’ll determine all the documents you create or receive for every function in the business, group those documents into categories, conduct research to determine how long to keep documents, refine the categories, and publish a schedule. Once it’s created, you’ll want to review it every 1 or 2 years.Retention periods for documents are determined by looking at:any laws and regulations that apply to your particular company and industry for every jurisdiction in which you operate, what your operational needs are, what the fiscal/accounting requirements are for your own business, and any historical importance the documents may have for your company. After determining the timeframe for each of these factors, determine the optimum retention period for each type of document you must keep based on risk factors and cost factors. In general, most companies just choose the longest timeframe of each of the factors. Special attention should be paid to retention of records containing NPI, as well as the identification of electronic storage and retention requirements.A difficult aspect of retention scheduling is the legal research because laws and regulations are rarely written with a clearly stated “keep x document for y number of years.” Many laws and regulations state that you must keep something but don’t say how long. The retention period for a document might be determined from the ramifications of not having the document, along with the applicable timeframes for bringing suit or action against you or how long after an action that you may be audited. This process is difficult and time consuming, and there are consulting firms that specialize in developing retention schedules. The professional organization for records and information management, ARMA International (), provides the following publications that you may find of assistance:How to Develop a Retention ScheduleRetention Management for Records and InformationEmail Retention and Archiving: Issues and Guidance for Compliance and DiscoveryOrganize Your Office: A Small Business Survival Guide to Managing Records7 Steps for Legal Holds of ESI and Other DocumentsLegal Holds & Spoliation: Identifying a Checklist of Considerations that Trigger the Duty to PreserveRecord Retention ScheduleCompany Name: Click here to enter textDate: Click here to enter textRetention Policy Codes + Retention in YearsARAnnual ReviewEXExpiration (of contract, agreement, etc.)FRFinal ResolutionLILife (of system, equipment, etc.)PCProject CompletionPEPermanentSUUntil SupersededTETerminationRecord Category / DescriptionOffice of RecordRetention PeriodCitationVendor Contract – Office equipment leases Home Office, 111 Main StreetEX +5Statute 735.46(c)Click here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter textClick here to enter text ................
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