Records retention is one of the most vital stages in the life cycle of records. As records are the memory of the business, these are preserved or retained through a proper filing system. In record retention policy, the manager decide which records are to be retained, in what form these are to be retained, how much these are to be retained and why these are to be maintained. Records are retained because it facilitates future reference, comply legal requirements and serve as a proof in the court of law.
The following steps are maintained in record retention policy:
(a) The records should be classified as vital, important, useful and non-essential records.
(b) Determination of record retention schedule which states the period for which the records are to be retained.
(c) Transfer of records from the active files to inactive files.
(d) Records are to be protected from theft and destruction or damage.
(e) The records, which are of no longer in use, are to be destroyed.