With increasing regulations and internal policies, information governance is a critical component of any document lifecycle platform.
DocuNECT’s Retention module provides compliant platform for your information governance initiatives. During the retention period, documents are securely stored to prevent unauthorized access, damage, or loss.
Document retention determines how long various types of documents and data should be kept within an organization before they are either destroyed or transferred to long-term storage (archives). The specific retention periods for documents can vary widely depending on factors such as industry regulations, legal mandates, and internal organizational policies. Here are some key considerations for document retention:
Document Types Drive Policies
The Discovery Engine can automate the classification of document to determine the type of document. Different types of documents may have different retention periods. Common categories of documents include financial records, employee records, contracts, customer records, and correspondence. Each category may have its own retention guidelines and policies.
Legal and Regulatory Compliance
Organizations must adhere to laws and regulations that dictate how long certain types of documents must be retained. These regulations can vary by industry and jurisdiction. For example, financial records, tax documents, and healthcare records often have specific retention requirements. The policies can be “baked” into the system to allow the documents to be monitored to automate the retention.
Retention Expiration
The system notifies document owner of retention expiration triggering a workflow for confirmation before documents are destroyed or archived to off-line digital storage.
“We have a number of documents as part of out investment services products that fall within regulations and the retention of these documents need to be carefully managed. The DocuNECT retention solution is an easy to use and allows us to monitor the process and make sure we stay within the regulations.”
Vice President of Fund Service Management – Investment Company
