A summary of responses received for this Peer2Peer inquiry is available below.
Original Inquiry
Our Global Sourcing Department is currently in the process of implementing a procedure to comply with the company record management policy. Specifically the procedure will address how to identify and destroy documents including electronic records. We are interested in finding how other companies have implemented a procedure to manage documents and records. We have identified the documents and retention periods and would like to know the best plans for actually destroying documents and complying with a records retention policy.
Below are a few questions regarding this topic, but we would appreciate additional insights, references, and documentation.
- What is the key factor in successfully running record management?
- Does your record retention policy cover both contract documents, purchase orders, and purchase requisitions? Are there documents excluded from your retention policy?
- Other than identifying the type of document and retention period, is there additional information that should be tracked to continue enforcement of the policy?
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Does the record management policy include electronic records such as records stored in SaaS solutions? How are these system records managed? Are the records actually deleted?
- Do you have relational databases with records having different retention periods, i.e. databases which contain different documents which have different retention periods but they sit in relational databases so that removal of one will automatically cause the removal of the other document? How were these handled?
- How are paper files maintained? What method is used to track the correct retention period?
- How often are documents reviewed for destruction?
Summary of Responses
Contributors: SIG
Categories: P2P Archive
SRC Type: Finance and Accounting Outsourcing (FAO), Outsourcing, Procurement Outsourcing / Transformation