Records Retention Policy Template

This Records Retention Policy (“Policy”) is adopted by [Company Name] on [Date] to ensure consistent management, storage, and disposal of business records.

1. Purpose

The purpose of this Policy is to establish procedures for retaining, archiving, and disposing of records to comply with applicable laws, support operational needs, and protect sensitive information.

2. Scope

This Policy applies to all employees, contractors, and third parties who create, maintain, or dispose of records on behalf of [Company Name]. It covers both physical and electronic records.

3. Record Categories

Records include but are not limited to:

• Financial documents (invoices, ledgers, tax filings)

• Legal documents (contracts, agreements, licenses)

• Employee records (payroll, performance, HR files)

• Operational records (policies, procedures, manuals)

• Electronic communications (emails, messaging, digital files)

4. Retention Periods

• Financial Records: Retained for [7 years] unless otherwise required.

• Employee Records: Retained for [X years] after termination.

• Contracts and Agreements: Retained for [X years] after expiration.

• Corporate Governance Records: Retained permanently.

• Electronic Records: Retained according to applicable categories.

5. Storage and Security

• Records must be stored securely, with access limited to authorized personnel.

• Electronic records shall be backed up regularly and stored on secure servers or cloud systems.

• Sensitive records must be encrypted or stored in locked facilities.

6. Disposal of Records

• Records that have reached the end of their retention period must be securely destroyed (e.g., shredding, deletion from systems, wiping of electronic media).

• Disposal must be documented, and approvals obtained when required.

7. Litigation Holds

In the event of litigation, audit, or investigation, all relevant records must be preserved, even if their retention period has expired. A litigation hold notice will override normal destruction schedules.

8. Responsibilities

• The [Compliance Officer/Records Manager] is responsible for monitoring compliance with this Policy.

• Department heads must ensure records in their areas are managed according to retention requirements.

• Employees must follow procedures for record creation, storage, and disposal.

9. Training and Awareness

Employees shall receive training on this Policy, including how to handle electronic and physical records properly.

10. Review and Updates

This Policy shall be reviewed at least annually and updated to reflect changes in business operations, legal requirements, or industry standards.

11. Governing Law

This Policy shall be governed by the laws of [State/Country].

Acknowledgment

I acknowledge that I have read, understood, and agree to comply with this Records Retention Policy.

Employee Name: ____________________________ Date: _________
Signature: ________________________________________________