Dr. Stephen Covey reminded us that “important” is not the same thing as “urgent.” Records retention reminds us that important is not the same thing as exciting. I get it – records retention schedules are boring. But the fact remains that literally thousands of records retention requirements apply to your organization’s information. I know, because my firm finds and tracks these laws as part of our decades of retention schedule work for clients across industries. And your regulators expect you to know them too.
Records retention requirements generally apply to information’s content, regardless of the information’s medium – electronic data, paper, you name it. The requirements are scattered across the federal and 50 states’ statutory and regulatory codes, often with unusual retention mandates. Here are just a few: