Iron Mountain®Policy Centre Corporate Record
See how much easier managing retention and privacy can be when you have an online tool that does the legal research for you.
Iron Mountain®Policy Centre Corporate Record
See how much easier managing retention and privacy can be when you have an online tool that does the legal research for you.
KNOW YOUR OBLIGATIONS. SHOW COMPLIANCE.
With Policy Centre you can manage your information through the entire information life-cycle - from creation to use to disposition. Maintaining accurate document retention and privacy policies means you can:
- Keep your retention and privacy policies current and reduce risk of fines
- Save on information storage costs by confidently disposing of information
- Quickly access what you need when you need it
Policy Centre takes the guesswork out of record retention policy compliance
When it comes to the duration and scope of document retention policies, many businesses are daunted in attempting to understand the intricacies of adherence that impact their operations.
The costs associated with keeping information longer than you need to, the confusion over understanding the specificity of the record retention policies you’re beholden to and the inability to communicate compliance to regulators are jointly resulting in an unnecessary burden for businesses.
Iron Mountain has the guidance and tools to help!
We keep up-to-date data privacy regulation standards and privacy requirements so you can maintain 100% adherence to the standards that encompass your business. With online visibility into retention renewal timelines and critical information regarding the processes that govern your personal data, Iron Mountain is committed to protecting your business.
Iron Mountain Policy Centre Solution Suite
铁山使隐私政策坚持简单,saving your business the risk of incurring fines associated with a data breach. Our comprehensive service ensures compliance with all relevant document privacy regulations, and will save your business valuable time and money.
RETENTION POLICY MANAGEMENT
Professional Edition
Customisable retention schedule, retention legal requirements updated continuously.
Enterprise Edition
Retention and privacy legal requirements updated continuously, data flow mapping tool to record processing activities (GDPR Article 30), full global scale
With Iron Mountain Policy Centre solution, your business will be able to:
- Keep retention and privacy policies up to date
- Reduce risk of fines associated with noncompliance or policy expiration
- Save on information storage costs by confidently disposing of information
- Access your valuable information quickly and easily
Need advice on creating information management policies?
Iron Mountain Governance Advisory Servicesteam has deep information governance (IG) expertise and can assist your business with the creation of information management policies that adhere to records retention and data privacy standards.
Our IG Program Development service provides expert analysis on how to optimise your privacy policy and active record retention policy with an eye towards best practices that save your business valuable time and money.
Together with Iron Mountain, your business will be able to fully comply with the relevant document retention policies and laws based on where you operate. Along with up-to-date and connected privacy policy compliance, automatically calculated destruction eligibility ensures you’re never holding on to information longer than necessary. Take the worry out of data retention with Iron Mountain today.
Importance of document retention policies
There are many benefits of using clear, consistent data retention policies. WIth client trust and loyalty being a key factor in business operations, the protection of their personal data and compliance with governing regulations are both vital to maintaining the integrity associated with your company, brand or organisation.
Many enterprises also enjoy easier business process automation by complying with GDPR standards, with clear and delineated lifecycle workflows and data processing outcomes.
Some of the specific key reasons why compliance with document retention policies can improve your business include:
Noncompliance with record retention policies puts your business at risk
Noncompliance with record retention policies, revealed by a data breach or a violation of the duration of stored personal information, could result in damage to your business's reputation, financial loss via a bevy of fines and penalties, and social or economic disadvantages. In these cases, the legal violation is revealed when the breach takes place and the company is found to have more records than it should, or insignificant protection protocols for valuable documents.
The global average cost of a data breach is $3.92 million, with an average size of 25, 575 records.
Organisations found to be in violation of data retention policies are required to record any corresponding data breach they suffer, which could be damaging to potential client or business acquisitions in the future.
Management throughout document lifecycles
Whether your organisation is looking to store personal data or financial record documents, it is important to know the appropriate retention period of the associated data. Here is a guideline of the types of documents covered by a document retention policy, categorised by the retention periods associated.
- Business records requiring a permanent file:
- Annual financial statements
- Corporate identity documents, such as incorporation documents, charters, bylaws, constitutions or minutes of meetings
- Patents or trademarks; any registration applications or records relating to acquisitions
- Receipts and invoices
- Health records: 10 years
- Medical information or patient history
- Charting, scans or records
- Medical devices
- Human drugs
- Natural health products
- Tax records: 7 years
- Bank statements and records
- Records attributable to the sale of stocks and bonds
- Vendor invoices
- Records of purchase and sale
- Personnel and payroll records
Record retention policies should be updated periodically. Depending on the country or jurisdiction your business operates in, specific record retention schedule periods may vary, although updating a record retention policy every 18-24 months is generally good practice. This time frame allows your business to ensure compliance with any legislation enacted or legal changes that have occurred since your previous policy was finalised.
SEE HOW YOU CAN MANAGE RETENTION AND PRIVACY TOGETHER
LEARN HOW POLICY CENTRE CAN HELP ACHIEVE YOUR ORGANISATIONAL NEEDS.
TALK TO OUR INFORMATION GOVERNANCE EXPERTS TODAY!
RELATED RESOURCES
Contact Iron Mountain
Learn more about web-based, technology-driven retention and privacy policy management.
Contact Iron Mountain
Learn more about web-based, technology-driven retention and privacy policy management.