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Statutory retention periods refer to the legally mandated time frames during which certain types of records and documents must be kept by organizations or individuals. These periods vary by jurisdiction and type of document, such as financial records, employment-related documents, or health records. Compliance with these retention periods is essential for legal, regulatory, and operational reasons, as failing to retain or improperly disposing of required documents can lead to penalties or legal issues. After the retention period expires, entities are typically allowed to dispose of the records safely and securely.

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2mo ago

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What steps are involved in determining the retention period for records?

Identify legal requirements: Determine the minimum retention period mandated by laws or regulations that apply to your industry. Assess business needs: Consider the operational, historical, and compliance requirements of your organization to determine how long to retain records beyond the legal minimum. Develop a retention schedule: Create a documented retention schedule that outlines specific retention periods for different types of records based on legal requirements and business needs. Implement and monitor: Ensure that the retention schedule is followed consistently, regularly review and update it as needed, and monitor compliance with the established retention periods.


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