record storage and management
TRANSCRIPT
Record Storage and
Management:Create an Effective
Plan in 7 Steps
Let’s learn from previous companies’ mistakes
Why Focus On Storing &Managing Records Anyway?
Morgan Stanley Learned It the Hard Way
In 2017, banking giant Morgan Stanley was fined $13 million—partly for failing to preserve
and maintain their client records properly
Fear-Based Storage & Management Plans
There’s danger in keeping records forever
“Perhaps too much of everything is as bad as a little.”
—Edna Ferber
“
Hanging On Too Long
Seeing Morgan Stanley, many companies create plans to keep records indefinitely.
Unfortunately though, keeping more records also has some potential side-effects:
◎ Greater odds of one being stolen or lost
◎ Higher cost of total record storage
◎ Other legal risks such as privacy rights violations
What Is an Effective RecordStorage & Management Plan Then?
Let’s go over what goes into a solid storageand management plan
Effective Plan Components
Figuring out what records need to be kept—and for how
long
Planning how and when you’ll shred and
dispose unneeded records
Preparing a plan for when disasters (hopefully don’t)
strike
1.Completely Inventory All
Company DocumentsLet’s begin with the basics
Know What You’re Dealing With
Before you put processes and plans in place, you need to know how much you have to handle
By doing a complete inventory of all the records you have to manage, you can develop the best plan to handle your needs
Organize Different Record Types
Financial documents, client files, and employee records all need to be stored and retained for different amounts of time
Organizing different types of records right off the bat helps to simplify managing records down the road
2.Select the Best Way to
Store and Manage RecordsLet’s go over your options
Storage and Management Types
OffsiteHard-copy storage
at an offsite records management facility
for files requiring paper copies
DMSPaperless document management system software for scanned and converted digital
files
CloudInternet-based
record storage and management for remote access to
digital records
3.Decide Who Will
Manage Your PlanLet’s look at the processes to consider
Choosing Who and What to Manage
There’s a few things to determine: what processes need managing, and who will handle it
Many hire a records manager to maintain organization and retention schedules
A DMS and cloud storage can track and maintain these automatically, but both need someone to take care of records’ eventual disposal
4.Develop Records Retention
& Destruction SchedulesLet’s go over the lifespan of a record
Retention & Destruction Plans
◍ Auto Insurance Claims: 10 years◍ Bank Statements: 7 years◍ Payroll Checks: 7 years◍ W-2 Forms: Permanent
Different types of records all require different retention times. Some of the most common examples include:
Once records pass their retention times, they need to be shredded and destroyed to avoid both security risks and privacy rights violations
5.Create Your Disaster
Recovery PlanLet’s figure out what to do when disaster strikes
Disaster Recovery Strategies
Digital BackupsData is backed up, encrypted,and then stored on external
hard drives where it can be easily implemented but still secure and
separated from potential risks
Tape BackupsData is backed up to a microfilm
roll, and then stored in alocked and climate-controlled
external location to avoidfire and moisture damage
6.Document Proper Plan
ProceduresLet’s put it all together
Get Everything Down On Paper
Now that you have a plan for how you’ll store and manage your records, you need to get the step-by-step
procedures down on paper for training and implementing—just think of it as your instruction manual
7.Training, Implementing,
and Maintaining Your PlanLet’s finish with putting your plan into action
Maintaining
Implementing
TrainingInstruct your employees according to your new procedure
manual
Document any plan issues or inefficiencies with regular process updates and audits, and keep improving as you go!
Get started by making sure your records managers are ready, your system is secure, and then simply following the steps in your plan
Need Storage forManaging Records?
Find storage options for an effective digital or paper record management plan when you visit Record Nations Today!