
I have a strong opinion around why organizations continue to store so much unstructured data. Many IT professionals simply do not have the time to wade through best practices for retention policies, nor are they given a solid steer by the business itself - unless there has been significant investment in a compliance team.
Danger arises when a lack of retention policies means a default decision to keep all data forever. In this case, storage and backup solutions become a major financial burden to an organization.
How do you begin to define your retention policies? Follow these six steps:
1: Establish Global Baseline Retention Policies Begin by establishing a baseline (or minimum) retention. If you are a multi-national, you'll need to understand potential worldwide applicability for certain types of records. Your policy should provide flexibility for different countries to exercise their discretion to lengthen or extend these baseline retention periods, based on valid legal or business needs.
2: Access Accounting and Tax Records Governments impose a legal requirement to protect their ability to collect taxes. To do this, they must have access to accounting records to scrutinize during tax audits. Because of this, accounting and tax records are the biggest target for records retention.
Virtually every country has enacted laws that mandate the retention of ledgers, journals and other books of account, as well as additional supporting documentation such as vouchers, balance sheets, records of goods bought and sold and inventories of stock. These retention requirements are found in the commercial codes of country laws and/or in the tax codes.
Typically the retention period is five to 10 years; however, this is not applicable to all systems and data that pertains to accounting records, structured or not.
Finally, bear in mind that I've still to date to meet an accounts department who will delete data from a financial system. This is important t to remember when dealing with archives derived from backup.
3: Understand the Impact of General Corporate / Legal Documents After accounting records, general corporate/legal documents are the most frequent target for retention laws.
Requirements for these documents typically appear in the business corporation laws or commercial codes of the countries in which organizations operate, and they usually apply to all businesses domiciled within the country, including units of foreign-owned, multinational corporations.
Although they vary in coverage and specificity, these laws typically mandate the retention of records such as minute books, articles of incorporation, shareholder registers, financial statements, deeds and other documents serving as evidence of the legal status and ownership of the business.
Some countries have specific laws about record retention, while others have more general laws. The retention periods range from three years to permanent; 10 years is the average.
The intent here is to ensure the preservation of records of closed businesses through the period of receivership and payment of creditors or other legal distribution of assets.
4: Follow Statutes of Limitations Statutes of limitations - or periods of prescription, as they are called in civil law countries - are a major factor in establishing retention periods for business records. These laws are not requirements to retain records; they simply specify how long parties can sue or be sued concerning a certain matter.
Multinational companies have a major interest in retaining such records, as they may be needed to institute legal proceedings against other parties or to defend themselves against unwarranted claims brought by other parties. These records may define and limit risk and liability in terms of retention. The following matters are most relevant to records retention:
General contracts: Retention requirements range from one year from discovery of breach in China to an average of six years from the last date on which action took place in the United Kingdom.
Taxation: Retention requirements range from an average of five years in Brazil and Germany to 10 years, in cases where taxpayers fail to file a return or file a false return for purposes of evading taxes in Thailand.
Product liability: Retention requirements range from 3 years from the plaintiff s awareness of damage in Finland to 30 years in cases where product defects have been fraudulently concealed by the seller in Germany.
Personal injury: Retention requirements range from 3 years from the date on which the cause of action occurred in Ireland to as much as 20 years following the event that caused the damage in the Netherlands. Once the relevant laws have been discovered, multinational records managers should work with their legal counsel to incorporate them into retention policies of global coverage.
5: Incorporate Business Function Scoping Once the baseline has been established along with consideration for legal protection, you can then delve into the rest of the business units. Further, the legal research should be defined by business functions. These include:
Environmental management / Facility and property management
Human resources
Employee health and safety
Insurance/risk management
Intellectual property (patents, copyrights, and trademarks)
Manufacturing
Payroll/compensation, salary and wage administration
Property/land management, Purchasing/procurement
Quality control/assurance
Regulatory affairs
Research and development
Sales/marketing
Security
Shareholder relations
Once you have your retentions in place, consider a robust automated retention policy for deletion of data if online or archived, unless you have a vendor like Iron Mountain managing the lifecycle for you.
Consider the impacts if you had the right retention policies in place, the correct tools to move data, the
Most recent headlines
14/03/2025
BURLINGTON, Mass. Avid has expanded its executive leadership team (ELT) with the appointment of three experienced executives: Tom Sharma as chief technology off...
14/03/2025
CUPERTINO, Calif. TVU Networks, a pioneer in live video production and a leader in cloud-based media solutions, is marking its 20th anniversary at the 2025 NAB ...
13/03/2025
(L-R) Stephanie Suganami, Tatanka Means, John Malkovich, Ayo Edebiri, and Juliette Lewis attend the premiere of Opus at Eccles Theatre in Park City. (Photo by...
13/03/2025
Spotify took center stage at the London Book Fair this week, reaffirming our commitment to the audiobook market and showcasing our impact on the publishing indu...
13/03/2025
At Spotify, we work every day to lift up new voices, giving creators the opportunity to live off their art. Through Spotify Audiobooks, our in-house publishing ...
13/03/2025
Every time airborne law enforcement (ALE) teams fly, they expect their equipment to perform. Whether airborne units are conducting support for ground teams, bor...
13/03/2025
Sunday February 9 saw the annual return of the US' biggest television event, the Super Bowl LIX. Jamie McCombs, Fox Sports Audio Consultant / Sr. Audio capt...
13/03/2025
On Sunday March 2, stars across the film industry gathered at the Dolby Theatre in Los Angeles for the 97th Academy Awards. Production Sound Mixer Paul Sandweis...
13/03/2025
WUPPERTAL, Germany Riedel Communications will feature its new StageLink family of smart edge devices, Smart Audio and Mixing Engine (SAME) and Virtual Smart Pan...
13/03/2025
TAG Video Systems and Harmonic Partner to Deliver Enhanced Real-Time Monitoring ...
13/03/2025
DigitalGlue Invites NAB Visitors to Experience New Features in Managed Storage P...
13/03/2025
FOR-A America Theme - Connecting the Present, Building the Future - Comes to Lif...
13/03/2025
CTIA, the wireless industry association, has named former FCC Chairman Aji Pai as its President and Chief Executive Officer, effective April 1. He replaces Mere...
13/03/2025
he National Association of Broadcasters is urging the FCC to end its investigation of that controversial CBS interview with Kamala Harris stating there is no ...
13/03/2025
MIAMI CBS News & Stations continues to expand its use of augmented and virtual reality technologies with the planned launch of an augmented reality/virtual real...
13/03/2025
Srividhya Srinivasan, co-founder and chief customer success & innovation Officer at Amagi, tells TVBEurope how staying ahead of the latest trends is essential f...
13/03/2025
WASHINGTON FCC Chairman Brendan Carr announced that the agency has launched a massive, new deregulatory initiative that could potentially subject virtually all ...
13/03/2025
SUNNYVALE, Calif. SDVI has announced that it has integrated its Rally media supply chain management platform with the Spectra Vail multi-cloud data management s...
13/03/2025
ATLANTA Gray Media has announced that the Federal Communications Commission (FCC) has granted a waiver of its local ownership rules to permit Gray Media to acqu...
13/03/2025
TV Tech: What do you anticipate will be the most significant technology trends at the 2025 NAB Show?...
13/03/2025
Watch Student Naomi Soleils Folk Pop Performance on The Voice The songwriting major sang Stars by Grace Potter and the Nocturnals during the blind auditions.
...
13/03/2025
Roku Debuts NWSL Zone' Within Roku Sports to Spotlight Live Games, Content Feature marks Rokus first women's league-branded zone within service By Bra...
13/03/2025
Pixels, Images, Video, AI - and Us: A Perspective on AI from NDI Inventor Andrew...
13/03/2025
SVG New Sponsor Spotlight: Lighting Design Group's Steve Brill, Dennis Size ...
13/03/2025
IOC, Comcast NBCU Ink $3B Media-Rights Extension for Olympic Games Through 2036;...
13/03/2025
NCAA March Madness Live Returns with Expanded Availability of MultiView Vertical...
13/03/2025
SVG Sit-Down: Cosm's Devin Poolman on What It Takes To Deliver the Immersive...
13/03/2025
Sky Business, Sky's B2B division, providing connectivity and content to busi...
13/03/2025
Rohde & Schwarz launches R&S NRP140TWG(N) thermal power sensor: A new benchmark ...
13/03/2025
We asked the questions, analysed the answers and now we're excited to share the results of the fifth edition of the ICG Marketing Survey.
Our 2025 survey p...
13/03/2025
SAN JOSE, Calif. - March 13, 2025 Harmonic (NASDAQ: HLIT) today announced a breakthrough in video streaming innovation with the launch of new origin capabilitie...
13/03/2025
Haivision Showcases Mission-Critical Video Solutions at SOF Week 2025
Haivision's video wall systems, ISR technology, and DoDIN APL-certified video distri...
13/03/2025
Company Leads the Way with New Software-Based Production Platform, 12G Switcher,...
13/03/2025
A new Apple Immersive concert experience, Metallica, is coming to Apple Vision Pro this Friday, March 14. Filmed in Mexico City during the sold-out second-year ...
13/03/2025
Here is your host, Patrick Kielty!
Shake your Shamrocks, Patrick Kielty will be...
13/03/2025
This St. Patrick's weekend, RT invites you to celebrate all things Irish, showcasing the very best of Irish sport, entertainment and live coverage from the...
13/03/2025
What's next in AI is at GTC 2025. Not only the technology, but the people and ideas that are pushing AI forward - creating new opportunities, novel solution...
13/03/2025
Facebook
Twitter
LinkedIn
By combining T-Mobile's robust network, Thal...
13/03/2025
Bundle up - GeForce NOW is bringing a flurry of Blizzard titles to its ever-expanding library.
Prepare to weather epic gameplay in the cloud, tackling the genr...
13/03/2025
AI is leveling up the world's most beloved games, as the latest advancements...
13/03/2025
PC game modding is massive, with over 5 billion mods downloaded annually. Mods p...
12/03/2025
O Spotify acaba de lan ar o relat rio Loud & Clear deste ano, uma vis o transpar...
12/03/2025
Spotify acaba de presentar el informe Loud & Clear de este a o, una mirada trans...
12/03/2025
Ramadan, a period of profound spiritual significance for Muslims worldwide, is a time for fasting, prayer, reflection, and community. Enrich your experience thi...
12/03/2025
Spotify has just unveiled this year's Loud & Clear report, a transparent loo...
12/03/2025
More than 70% of FAST programming has been produced since 2010, according to new Gracenote report
NEW YORK March 12, 2025 Gracenote, the content data busin...
12/03/2025
GEONA, Nev. Independent digital and linear advertising rep firm Viamedia will adopt cloud-based ShowSeeker Pilot as its primary ad campaign and order management...
12/03/2025
BRUSSELS Mediagenix has announced that Wael Yasin has joined the company as sales director Central Europe....
12/03/2025
LONDON A new study highlights opportunities for shoppable TV and the massive impact online consumer spending is having on the economy, with Omdia predicting tha...
12/03/2025
CUPERTINO, Calif. Interra Systems has announced that Comcast Technology Solutions has integrated recent updates to BATON Version 9 into its operations....