Document Retention Policy: US Checklist

by Jeremiah S. Wikler, Shook, Hardy & Bacon LLP, with Practical Law Litigation

A Checklist addressing the reasons for implementing a document retention and disposal policy within a company. It identifies critical considerations for drafting a recordkeeping policy, also known as a records and information management policy. This Checklist underscores the need for such a policy to guide employees in managing company data from creation to destruction, ensuring compliance with relevant statutes and regulations. It highlights the importance of preserving documents during potential or pending litigation or investigations, demonstrating legitimate purposes for document destruction, and reducing storage costs. The Checklist outlines steps for developing the policy, including consulting with data management and IT personnel and tailoring the policy to the company's specific needs. Key considerations include designating responsibility for records management, creating oversight committees, and specifying storage locations. It details the contents of the policy, such as defining business records, addressing electronic and paper documents, and protecting confidential information. The Checklist also emphasizes communicating the policy to employees, preparing training, and managing the policy through periodic reviews and updates, considering third-party service providers and incorporating policy requirements into company contracts.