The Essentials of Data Retention Policy Template
A data retention policy is the essential guideline of any organization for managing the data. It can be utilized to identify the data’s purpose, any regulation applicable to the data, how long the data should be retained, and how it will be archived or removed. With a data retention policy template, you will not only be able to keep complying with the laws but also helps you to remove inefficiencies from the data.
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What is Data Retention Policy?
As mentioned previously, data retention policy has a significant role in the lifecycle of data. It can also refer to a method that can be utilized to automatically dispose of records as well as the extensions of the data.
What Should a Data Retention Policy Include?
A standard data retention policy template usually includes:
- The types of data protected by the policy: It’s essential to document what information is being processed, be it names, contact details, addresses, financial records, and many more.
- How long you have the right to keep the data: The period during which you have specific data is a discretionary judgment on your basis for data processing.
- What you must do with the information when it’s not required anymore: Removing unnecessary information in a regular manner helps you to reduce the amount of information you will need to transfer through. It also allows you to reduce the cost of document management and storage.
How Do You Write a Data Retention Policy?
- First, you need to build a team to identify who should make a contribution to the data retention policy. It could be IT administrators, legal team, business owners, and so on.
- Sort the information into several categories. Each department has its own particular requirements, but the most popular instances are payroll, sales, and tax documents.
- Identify what kind of policies, regulations, and laws that should be applied to each data.
- Create the policy and set up the time limits.
- Notify the affected departments and employees about the policy and make sure they know how the policy will affect them.
- Revisit the existing policy regularly.
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How to Make a Data Retention Policy?
Consider using a template of the data retention policy to write the policy to save time. Each template usually contains all the important sections for setting out the main rules in the policy, including the method to respond to requests and how to document relevant business needs.
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The template includes a particular revision history section as well. This way, you are able to keep tracking with the modifications and updates in the existing policy. If your company will implement a different method to electronic data, consider using an electronic template, too.
What are the Tips to Create Data Retention Policy?
Make sure to keep everything in the policy simple by maintaining the number of data categories and retention periods.
Then, once your company has established the policy, make sure all the involved individuals know their roles in it. Next, get feedback from the impacted employees and use their input to modify and adjust the policy.
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In conclusion, use a data retention policy template to create a strong policy that is able to detail the length of the data that will be kept and help you identify who will be in charge of each type of data.