RECORDS MANAGEMENT

Records management is the process of planning, controlling, directing, organizing, training and other managerial activities involving the lifecycle of information, including creation, maintenance and disposition, regardless of media. The purpose of records management is to ensure that:

• Business records are retained for the appropriate, scheduled period of time
• All authorized users can access business records efficiently
• All business records can be read, used and reliably regarded as authentic when located
• Litigation hold procedures are established and enforced so potentially responsive documents are not destroyed once litigation and/or a government investigation is reasonably anticipated
• Procedures for timely destruction of appropriate documents as their retention periods expire are established and consistently implemented

Business information in the form of records is a vital corporate asset that is essential for strategic, financial and operational decision making. This includes a wide range of physical and electronic media. Effective records management must be in place to ensure that these information assets can be trusted, can be produced on demand, and are protected and preserved throughout their planned lifecycles.

Why is it needed?

The increase in high-profile corporate scandals has prompted new legislation mandating time frames for records retention and secure record handling. A carefully developed records management strategy and consistently implemented policies and procedures are critical to securing customer, investor, regulator, employee and public confidence in an organization's activities, products and services.

Benefits Associated with Records Management

• Maintain corporate records that are essential to business operations
• Reduce the risks and costs of keeping information forever, preserving only necessary documents and data for the appropriate length of time
• Enable organizations to make judgments regarding the legal status or business value of information and treat it accordingly
• Facilitate compliance and address industry-specific regulatory issues
• Reduce the costs and burden on technology infrastructure of archiving unnecessary or expired records
• Improve eDiscovery outcomes
• Recover more quickly in the event of a business disaster

Business Risks Associated with Ineffective Records Management

• Poor governance
• High costs for information management and storage
• Audit and compliance violations
• Lost files and risk of spoliation
• Legal discovery penalties or sanctions
• Corporate reputation risk

Records Management Challenges

The rapidly proliferating amount of business information that is shared across desktops, networks, email and the web has made the challenge of records management more than most companies can handle with internal resources. To develop an effective records management policy, skilled people, process expertise and advanced technology are required to ensure that records are managed properly from creation to destruction—the full information lifecycle. Expertise is needed to:

• Develop a concise policy that clearly defines records types, applicable retention periods and the source of the retention requirement
• Plan and implement an effective records management program that meets all legal requirements
• Conduct training of all employees
• Select appropriate storage media
• Maintenance (use, storage, retrieval) of electronic and physical documents and data
• Define and document an audit process to assure compliance across document lifecycles

Océ Business Services for Advanced Records Management

Océ Business Services is a leader in on-site records management, with deep document domain expertise. We meet exacting requirements by applying Six Sigma principles to document lifecycle management, with accredited professionals who are supported by advanced technology.

Learn more about Océ Business Services for Advanced Records Management.