Develop a Simplified Functional

Records Retention Schedule

and You Might Be a Company

HERO Presented by Karen L. Harris, CRM

Introduction

Speaker has experience in developing functional retention schedules for large and small organizations

You will leave understanding how today’s organizations can benefit from simplified functional retention schedules

Presentation gives you knowledge and tools that allow you to revise or create a more useable retention schedule for your organization

Agenda

What is a records retention schedule

Benefits to an organization when implementing a records retention schedule

Yesterday’s paper-based retention schedules

Today’s simplified functional retention schedules

Understand the importance of partnering with IT for success

Hands-on activity - start building your functional records retention schedule today

What is a Records Retention

Schedule

Policy document that provides the company the authority to dispose of records in the normal course of business

Includes business and legal requirement to support retention conclusions

Benefits of Retention Schedule

Implementation Dispose of obsolete and redundant

records Reduce risks and costs associated

with discovery Reduce costs associated with over

retention of records

Yesterday’s Paper-Based

Retention Schedules Usually apply to

records in physical format

Often organized at the department and specific document level

Granular and less user-friendly

Requires regular revision

Today’s Simplified Functional

Retention Schedules Referred to as Big Bucket

Schedules

Organized by business

function/activity

Less likely to require

revision as the organization

changes

Easily integrated into

recordkeeping systems

May mean some records

are retained longer than

necessary

Partnering with IT

Each understands the

perspective of the other

Guide IT on retention and

archiving practices based

on legal requirements

Retention polices

implemented enterprise-

wide

Newly implemented

technology can ensure life-

cycle management of

records

The Process Get approval and establish or

reactivate steering committee

Pre-populate form with your

business functions,

descriptions, and examples

Meet with departments to

validate business needs and

fill in gaps

Establish business and legal

requirements

Committee review/approval

Publish, train, and implement

Common Business Functions

All organizations have

records to support these

functions

◦ Accounting/Finance

◦ Administration

◦ Governance

◦ Human Resources

◦ Insurance/Risk

Management

◦ Payroll

◦ Tax

Unique Business Functions

Industry specific

◦ Banking

◦ Manufacturing

◦ Retail

◦ Utilities

Sample Draft Schedule ACCOUNTING AND FINANCE

Record Series Title

Record Series Title Record Series Description Example Records Office of Records

Retention Period

ACC010 Accounts Payable/Receivable

Records related to the payables and receivables processes of the organization. Does not include payables related to major building construction. SEE: CONSTRUCTION AND REAL ESTATE.

Accounts payable invoices Accounts payable ledgers Accounts receivable ledgers Cash books, journals & receipts Check registers Credit card statements Expense reports Journal entries

ACC020 Audits Records of financial audits performed by outside auditors. Does not include audits performed for other functions. SEE: HUMAN RESOURCES: Safe Environment Training and Audits.

Audit reports Financial Audit Reports

ACC030 Banking Records Records related to banking activities including establishment of terms and conditions for banking activities and analyses and audits of accounts.

ACH records Cancelled checks Check Registers Deposit slips Statements

ACC040 Budgets and Forecasts Records related to the budgetary planning, analyses, and financial management processes.

Annual budgets Budget forecasts Operating budgets

ACC050 Financial Statements & Reports/Annual

Records related to the general ledger and year-end ledger and trial balances.

Balance sheet - annual Financial statements General journal

Sample Template ORGANIZATION NAME

BUSINESS FUNCTION TITLE

Record Series Code

Record Series Title Record Series Description Example Records Office of Record Retention Period

BUSINESS FUNCTION TITLE

BUSINESS FUNCTION TITLE

BUSINESS FUNCTION TITLE

Activity

Prepare list of common business functions in your organization

Create some record series and a description that may fall within the business functions you prepared

Discuss as small group Q&A

Links

https://www.linkedin.com/pulse/20141005005438-46254388-records-management-and-information-technology-must-partner

http://www.ictus.com/docs/PositionPaper.pdf

http://www.acc.com/legalresources/publications/topten/implement-a-record-retention-schedule.cfm

http://www.ironmountain.com/Knowledge-Center.aspx

http://www.arma.org/docs/hot-topic/trimmingyourbucketlist.pdf?sfvrsn=0