The only constant today is change…and with regards to document retention and privacy, laws, regulations are changing all of the time. You need to be diligent to know how, and if, your current policy is affected by these changes.
Retention and management of records is more complicated than just deciding what to keep and for how long. In what form should records be kept? Should we keep more than what the regulations require? If so, what? What about possible litigation needs? Examiner expectations must be met, of course, but other parties, such as law enforcement, auditors, and those representing your employees may require access to information, as well.
To manage an effective program in a cost-effective manner, compliance professionals must rely on information from a broad range of resources within the organization. Records management is the point of convergence of these resources, which is why effective and reliable records management must be part of your Compliance Program.