This Corporate Retention Policy is essential for organizations operating in New Zealand to establish standardized practices for managing business records in compliance with local legislation. The policy is designed to be implemented when an organization needs to formalize its approach to records management or update existing procedures to reflect current legal requirements and best practices. It addresses the retention requirements set forth in various New Zealand laws, including the Companies Act 1993, Tax Administration Act 1994, and Privacy Act 2020, while providing practical guidance for day-to-day records management operations. The document includes comprehensive schedules detailing retention periods for different types of records, destruction procedures, and specific requirements for electronic record-keeping systems.
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Key Requirements PROMPT example:
Corporate Retention Policy
"I need a Corporate Retention Policy for my tech startup that primarily handles digital records and cloud storage, with operations in both New Zealand and Australia, to be implemented by March 2025."
1. Purpose and Scope: Defines the objective of the policy and its application across the organization
2. Definitions: Defines key terms used throughout the policy including 'records', 'retention period', 'disposal', etc.
3. Legal and Regulatory Framework: Outlines the key legislation and regulations that govern record retention
4. Roles and Responsibilities: Defines who is responsible for records management, including specific roles and duties
5. Record Classification: Explains how records are categorized and classified within the organization
6. Retention Periods: General principles for how long different types of records must be kept
7. Storage and Security: Requirements for secure storage of records, both physical and electronic
8. Disposal and Destruction: Procedures for proper disposal and destruction of records
9. Legal Hold Procedures: Process for suspending normal retention periods when litigation is pending
10. Compliance and Monitoring: How the policy will be enforced and monitored for compliance
11. Policy Review: Frequency and process for reviewing and updating the policy
1. Electronic Records Management: Detailed section for organizations with significant digital records, including specific requirements for electronic storage and backup
2. International Operations: Additional requirements for organizations operating across multiple jurisdictions
3. Industry-Specific Requirements: Special requirements for regulated industries such as healthcare or financial services
4. Cloud Storage Guidelines: Specific guidelines for organizations using cloud storage solutions
5. Disaster Recovery: Procedures for protecting and recovering records in case of disasters
6. Training Requirements: Detailed training program for staff on records management procedures
1. Schedule A - Retention Periods by Record Type: Detailed table listing all record types and their specific retention periods
2. Schedule B - Legal and Regulatory Requirements: Comprehensive list of relevant legislation and specific record-keeping requirements
3. Schedule C - Records Disposal Register: Template for logging disposed records
4. Schedule D - Document Classification Guide: Detailed guide for classifying different types of documents
5. Appendix 1 - Records Management Forms: Standard forms for record creation, transfer, and disposal
6. Appendix 2 - Systems and Software: List of approved systems and software for records management
7. Appendix 3 - Destruction Methods: Approved methods for destroying different types of records
Authors
Relevant legal definitions
Active Record
Archive
Authorized Personnel
Business Record
Classification
Cloud Storage
Confidential Information
Data Controller
Data Processor
Deletion
Destruction
Digital Record
Disposal
Document Owner
Electronic Document Management System (EDMS)
Electronic Record
Essential Record
File Plan
Historical Record
Inactive Record
Information Asset
Legal Hold
Metadata
Official Record
Permanent Record
Personal Information
Physical Record
Record Series
Records Custodian
Records Lifecycle
Records Management
Records Manager
Retention Period
Retention Schedule
Secure Destruction
Semi-Active Record
Storage Location
Temporary Record
Transitory Record
Vital Record
Archive
Authorized Personnel
Business Record
Classification
Cloud Storage
Confidential Information
Data Controller
Data Processor
Deletion
Destruction
Digital Record
Disposal
Document Owner
Electronic Document Management System (EDMS)
Electronic Record
Essential Record
File Plan
Historical Record
Inactive Record
Information Asset
Legal Hold
Metadata
Official Record
Permanent Record
Personal Information
Physical Record
Record Series
Records Custodian
Records Lifecycle
Records Management
Records Manager
Retention Period
Retention Schedule
Secure Destruction
Semi-Active Record
Storage Location
Temporary Record
Transitory Record
Vital Record
Clauses
Purpose and Objectives
Scope
Compliance Requirements
Records Classification
Retention Periods
Storage and Security
Access Control
Data Protection
Electronic Records Management
Physical Records Management
Legal Hold
Disposal and Destruction
Audit and Monitoring
Roles and Responsibilities
Policy Enforcement
Compliance Review
Exception Handling
Training Requirements
Documentation Requirements
Risk Management
Business Continuity
Confidentiality
Privacy Protection
Third-Party Management
International Data Transfer
Systems and Technology
Quality Control
Record Creation
Record Maintenance
Archival Procedures
Emergency Access
Version Control
Policy Review
Breach Reporting
Scope
Compliance Requirements
Records Classification
Retention Periods
Storage and Security
Access Control
Data Protection
Electronic Records Management
Physical Records Management
Legal Hold
Disposal and Destruction
Audit and Monitoring
Roles and Responsibilities
Policy Enforcement
Compliance Review
Exception Handling
Training Requirements
Documentation Requirements
Risk Management
Business Continuity
Confidentiality
Privacy Protection
Third-Party Management
International Data Transfer
Systems and Technology
Quality Control
Record Creation
Record Maintenance
Archival Procedures
Emergency Access
Version Control
Policy Review
Breach Reporting
Relevant Industries
Financial Services
Healthcare
Legal Services
Government and Public Sector
Education
Manufacturing
Retail
Technology
Professional Services
Banking
Insurance
Telecommunications
Mining and Resources
Construction
Not-for-Profit
Relevant Teams
Legal
Compliance
Information Technology
Human Resources
Finance
Operations
Risk Management
Records Management
Information Security
Quality Assurance
Internal Audit
Administrative Services
Data Management
Relevant Roles
Chief Executive Officer
Chief Operating Officer
Chief Financial Officer
Chief Information Officer
Chief Legal Officer
Compliance Officer
Records Manager
Information Management Officer
IT Director
Risk Manager
Office Manager
Department Head
HR Director
Quality Assurance Manager
Data Protection Officer
Internal Auditor
Legal Counsel
Company Secretary
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