Document retention is a critical component of your firm’s compliance platform. Whether the clients will be demanding use of their details, you’re facing an INTERNAL REVENUE SERVICE examine or an Equal Employment Opportunity Commission allege, or managing a worker’s comp issue, it is essential to have a centralized, organized and simply accessible record of the data you have in file. This can be a best way to prevent potential legalities.
Developing a strong document retention policy is known as a complex job. The key is to be capable of establishing a comprehensive work that includes being able to categorize and organize docs based on all their importance, define document classes (such for the reason that financial papers, client details and staff files) and determine the appropriate timeframes for each category.
Your firm’s policies also need to include protocol for saving, disposing of and retrieving papers. In addition , a clear and consistent identifying convention must be used for every documents. This will make it easier to apply and impose document retention guidelines across your business.
Finally, your document storage should be secure, worldwide and cost-effective. Using a cloud-based system is dataroomcorp.com/best-practices-for-secure-document-retention an effective way to make certain compliance with document preservation guidelines, maintain version control and improve accessibility and traceability of data.
The FutureVault secure Digital Vault platform is known as a solution which can help your organization meet—or even exceed—document retention requirements although saving you money and time. To learn more about how we can help, e mail us today! DR4 (Data Residency, Document Preservation, Disaster Restoration and Info Redundancy) can be our data security and compliance framework that allows firms and advisors to exceed regulating requirements.