Document retention is a vital component of your firm’s compliance structure. Whether your clients will be demanding entry to their documents, you’re facing an IRS review or an Equal Employment Prospect Commission lay claim, or resolving a worker’s comp issue, it is essential to contain a centralized, organized and simply accessible record of the information you have in file. It is the best way to avoid potential legalities.
Developing a solid document preservation policy may be a complex task. The key best practices for secure document retention is to be capable of establishing a comprehensive work that includes the capability to categorize and organize files based on their very own importance, clearly define document classes (such seeing that financial paperwork, client reports and staff files) and determine the appropriate time frames for each category.
Your firm’s policies should also include process for stocking, disposing of and retrieving docs. In addition , a clear and consistent identifying convention ought to be used for each and every one documents. This will make it easier to apply and enforce document retention guidelines across your business.
Finally, your document storage should be secure, international and budget-friendly. Using a cloud-based system is an effective way to make certain compliance with document preservation guidelines, maintain version control and boost accessibility and traceability of data.
The FutureVault safeguarded Digital Vault platform can be described as solution which will help your organization meet—or even exceed—document preservation requirements whilst saving you money and time. To learn more about the way we can help, call us today! DR4 (Data Residency, Document Retention, Disaster Restoration and Info Redundancy) is definitely our facts security and compliance framework that enables firms and advisors to exceed regulatory requirements.
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