How to Create a Records Management Plan

Source: The CPA Journal

• Set up a committee to spearhead the records management initiative.
• Records should be managed centrally to ensure a consistent policy throughout the organization.
• Electronically stored records should also be subject to the retention schedule. E-mails should be retained for the appropriate period of time to control costs and to minimize litigation risk.
• Create a simplified system for classifying e-mails.
• Privacy must be maintained in the disposal of confidential information.
• Make sure your retention policy is not made obsolete by new regulations.
• Adopt a formal “litigation hold” plan.
• Monitor execution of the policy and communicate regularly with employees to be sure they are following the procedures.
• Review the records procedures annually.

From The CPA Journal, A Publication of the New York State Society of CPAs, January 2007, http://www.nysscpa.org/cpajournal/toc/toc1006.htm. For the complete article see www.nysscpa.org/cpajournal/toc/toc107.htm, and select the article: Top 10 Records-Management Resolutions for the New Year.