Data Retention Policy Template

This data retention policy template has 4 pages and is a MS Word file type listed under our finance & accounting documents.

Sample of our data retention policy template:

DATA RETENTION POLICY PURPOSE The purpose of this Data Retention Policy at [YOUR ORGANIZATION NAME] is to establish a comprehensive framework for managing the retention and disposal of the organization's data and records. This Policy ensures that data is retained for the necessary period to meet legal, regulatory, and business requirements and is disposed of securely when no longer needed. It aims to safeguard the confidentiality, integrity, and availability of data while promoting efficient data management practices. DATA RETENTION PRINCIPLES Accountability: Ensure that data retention practices are accountable to regulatory requirements and organizational policies. Transparency: Provide clear guidelines for data retention and disposal to all stakeholders. Integrity: Maintain the accuracy and reliability of data throughout its lifecycle. Confidentiality: Protect sensitive information from unauthorized access and disclosure. Compliance: Adhere to all applicable laws, regulations, and standards governing data retention and disposal. SCOPE This Policy applies to all employees, contractors, consultants, temporary workers, and other personnel at [YOUR ORGANIZATION NAME] who create, receive, maintain, or dispose of data and records on behalf of the organization. It covers all types of data, regardless of format, including electronic, paper, and other physical records. ROLES AND RESPONSIBILITIES Data Owner: Responsible for determining the retention period for data and ensuring compliance with this Policy. IT Department: Responsible for implementing technical controls to manage data retention and disposal, including backups and secure deletion. Employees: Responsible for adhering to data retention guidelines and reporting any issues related to data management. Compliance Officer: Responsible for monitoring compliance with this Policy and conducting periodic reviews and audits. DATA CLASSIFICATION Public Data: Information intended for public use that can be freely shared without any restrictions. Internal Data: Information that is restricted to internal use within the organization and is not intended for public disclosure. Confidential Data: Sensitive information that requires protection from unauthorized access and disclosure. Regulated Data: Information subject to specific regulatory requirements regarding its retention and disposal. RETENTION PERIODS General Guidelines: Data retention periods must be determined based on legal, regulatory, and business requirements. The following are general guidelines for different types of data: Financial Records: Retained for a minimum of [NUMBER OF YEARS] years to comply with accounting and tax regulations. Employee Records: Retained for [NUMBER OF YEARS] years following termination of employment to comply with labor laws. Customer Records: Retained for [NUMBER OF YEARS] years after the end of the customer relationship to fulfill business and legal obligations.