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Date: | Thu, 26 May 2011 08:44:41 -0400 |
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Greetings,
I am interested in hearing about the method(s) and tools other RIM
professionals are using to review the statutory recordkeeping requirements
driving their organization’s retention periods. And at what frequency is this
work carried out?
At Oxford, we are considering a 3-prong approach which consists of:
1) On an ongoing basis, the RIM department monitors industry association
communications to scan for new or material changes to legislations /
regulations impacting the real estate business.
2) On an annual basis, in-house subject experts (Tax, Risk Management, Legal,
Real Estate Management, etc.) are going to be asked to review a list of
legislations / regulations and “confirm that to the best of their knowledge and
ability, legislations and regulations to which Oxford is subject have not been
enacted or amended in a way that impacts the normal course of business”
(very preliminary wording). Any “yes” answer would trigger a review by the
RIM department to figure out if the organization’s recordkeeping requirements
have changed.
3) Every 2-5 years, the RIM department will review every statutory
recordkeeping requirement already documented and check for changes.
Thanks in advance for the feedback and insight.
MJ
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Marie-Josée Lévesque | Records Manager
Oxford Properties Group
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