Most companies seem to put off this very necessary task — the creation and adherence to a file retention policy. It is like everything else; hard to get there, hard to educate people on it, but once done, it is a foundation of your records program.

The mechanics of your policy should be to preserve your history, ensure that critical records are available to meet your business needs, comply with legal requirements, optimize the use of space, minimize the cost of record retention, and ensure that outdated and useless records are destroyed.

The benefits of your policy are that it will reduce the storage space required for documents that you no longer need, save you valuable resources, and to say honestly to a court that you have produced all documents in your possession that relate to a matter being litigated.

So, what does it look like? That depends on your type of business. You need to know that this is not a one-size-fits-all proposal. It’s going to look different from business to business and firm to firm.

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A good policy should include the basics: objectives, responsibility, training, storage, destruction, electronic and paper documents, and, of course, your document retention timelines or schedule.

The easiest way to develop a robust and long-standing policy is to partner with a professional records consulting firm, get clear guidance applicable to your organization, and create a policy that is tailored to your organization.