Create a bespoke document in minutes, or upload and review your own.
Get your first 2 documents free
Your data doesn't train Genie's AI
You keep IP ownership of your information
Records Retention Policy
"I need a records retention policy that outlines the retention periods for financial documents (7 years), employee records (5 years), and customer data (3 years), ensuring compliance with GDPR and HIPAA regulations."
What is a Records Retention Policy?
A Records Retention Policy sets clear rules for how long an organization keeps its documents and when to dispose of them properly. In the Philippines, these policies help businesses comply with key regulations like the Data Privacy Act and Securities Regulation Code, which require specific retention periods for different types of records.
Beyond meeting legal requirements, a good retention policy protects companies by ensuring important files stay accessible when needed while safely destroying outdated materials. It covers everything from employee records and financial statements to emails and contracts, spelling out storage methods, security measures, and destruction procedures that align with Philippine data protection standards.
When should you use a Records Retention Policy?
Implement a Records Retention Policy when your organization starts handling sensitive data or faces increased regulatory oversight. This becomes especially crucial for Philippine businesses managing personal information under the Data Privacy Act, or those subject to SEC requirements for maintaining corporate records.
The policy proves invaluable during government audits, legal disputes, or when responding to data subject access requests. It's particularly important when your company expands operations, switches to digital record-keeping, or needs to demonstrate compliance with Philippine privacy laws. Having this policy in place before these situations arise helps avoid costly penalties and operational disruptions.
What are the different types of Records Retention Policy?
- Audit Retention Policy: Focuses specifically on maintaining audit-related documents, financial records, and compliance reports as required by Philippine SEC and BIR regulations. Includes detailed schedules for keeping tax returns, financial statements, and audit working papers.
- Contract Retention Policy: Specializes in managing contractual documents, business agreements, and related correspondence. Sets specific timeframes for storing different types of contracts based on their nature, value, and legal requirements under Philippine contract law.
Who should typically use a Records Retention Policy?
- Legal Teams and Compliance Officers: Draft and update the Records Retention Policy, ensuring it aligns with Philippine data privacy laws, SEC requirements, and industry regulations.
- Department Managers: Implement policy guidelines within their units, train staff on proper record-keeping, and monitor compliance.
- IT Personnel: Manage digital storage systems, implement security measures, and execute automated retention schedules.
- Records Management Staff: Handle day-to-day document organization, maintain filing systems, and coordinate disposal procedures.
- External Auditors: Review policy compliance during audits and provide recommendations for improvement.
How do you write a Records Retention Policy?
- Inventory Records: List all document types your organization handles, from financial statements to employee files, noting current storage locations and formats.
- Legal Requirements: Review Philippine regulations, especially the Data Privacy Act and SEC guidelines, for mandatory retention periods.
- Storage Assessment: Evaluate physical and digital storage capabilities, security measures, and access controls.
- Stakeholder Input: Gather feedback from department heads about operational needs and existing record-keeping practices.
- Destruction Methods: Define secure disposal procedures for both physical and electronic records.
- Implementation Plan: Create training materials and designate staff responsibilities for policy enforcement.
What should be included in a Records Retention Policy?
- Purpose Statement: Clear objectives aligned with Philippine Data Privacy Act and corporate governance requirements.
- Scope Definition: Types of records covered, including both physical and digital documents.
- Retention Schedule: Specific timeframes for each document category, following SEC, BIR, and industry-specific requirements.
- Security Measures: Protocols for protecting confidential information and personal data.
- Disposal Procedures: Methods for secure destruction of records after retention period.
- Compliance Framework: References to relevant Philippine laws and regulations.
- Roles and Responsibilities: Clear assignment of record management duties.
What's the difference between a Records Retention Policy and a Data Retention Policy?
A Records Retention Policy differs significantly from a Data Retention Policy in several key aspects, though they're often confused in Philippine business settings. While both deal with information management, their scope and focus vary considerably.
- Scope of Coverage: Records Retention Policies cover all organizational documents, including physical files, contracts, and financial records. Data Retention Policies focus specifically on digital data and electronic information systems.
- Regulatory Framework: Records Retention Policies align with broader SEC and BIR requirements for business documentation. Data Retention Policies primarily address Data Privacy Act compliance and digital information handling.
- Implementation Methods: Records Retention involves both physical and digital storage systems, requiring comprehensive archival procedures. Data Retention typically focuses on database management, backup systems, and electronic storage solutions.
- Destruction Protocols: Records Retention includes procedures for both physical shredding and digital deletion. Data Retention concentrates on secure electronic data erasure and digital sanitization methods.
Download our whitepaper on the future of AI in Legal
Genie’s Security Promise
Genie is the safest place to draft. Here’s how we prioritise your privacy and security.
Your documents are private:
We do not train on your data; Genie’s AI improves independently
All data stored on Genie is private to your organisation
Your documents are protected:
Your documents are protected by ultra-secure 256-bit encryption
We are ISO27001 certified, so your data is secure
Organizational security:
You retain IP ownership of your documents and their information
You have full control over your data and who gets to see it