On Thu, 2 Oct 2008 08:48:03 -0700, Steven Whitaker <[log in to unmask]>
wrote:

>Here are the retention policy factors, and those researched and
>evaluated retention factors which decide the retention period for any
>record series:
>
>Administrative (actual reference value)
>Fiscal (if any; accountancy; internal audit)
>Regulatory  (if any; published federal, state, local regulations on
>retaining info)
>Legal  (if any; general counsel's advice, if any; considerations for
>statutes of limitations, legal and regulatory climate; legal oversight)
>Historic  (if any; archival information; many industries and government
>entities have a typical 1 - 3% of info. is historic in nature)
>
>The retention policy of any information, for any record series, will
>(should be) be the LONGEST of the above researched and evaluated
>retention factors.

I won't disagree with Steve that these are the factors used in determining
retention, but would suggest a specific order (and I don't think Steve
placed them in the order he would use either)

Regulatory
Legal
Fiscal and Administrative (Business Needs that exceed the above two)
Historic Value

It's also important to ensure your retention schedule includes instructions
that state once records within a series meet the REQUIRED retention, they
are transferred to a NEW RECORD SERIES, and that the retention period for
the new series applies to them at that time.

Any decisions to retain records longer than required should be assessed for
any potential risk this extended retention may pose for an organization.  In
today's legal climate, all information is subject to discovery if it still
exists, and there may be risks to retaining certain information that exceeds
it's value. 

Larry

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