Your firm must establish internal policies regarding document retention policy.
Define document retention policy, describe the need for the policy, and include a set of procedures. Provide the context to which it specifically the policy apply and does not apply to.
A document retention and destruction policy is a systematic procedure to define the age and type of documents that must be retained. Conversely, a written policy defines when internal as well as client records can legally be destroyed.
Why is a policy important?
First, there are practical concerns of space limitations either with electronic files or paper files. Second, there are costs of retaining records which might include storage fees either at physical storage unit or offsite electronic data storage of several types. Third, a written policy is a good defense against allegations of selective destruction (using Arthur Anderson's destruction of Enron records as an example). Fourth, there are personnel costs of managing huge ...
The solution discusses internal polices regarding document retention policy.