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Corporate Retention Policy

Corporate Retention Policy Template for Philippines

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Key Requirements PROMPT example:

Corporate Retention Policy

"I need a Corporate Retention Policy for a mid-sized fintech company operating in the Philippines, with specific focus on electronic records management and cross-border data transfers to our Singapore office."

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Document background
The Corporate Retention Policy serves as a crucial governance document for organizations operating in the Philippines, establishing standardized practices for managing corporate records in accordance with local laws and regulations. This policy is essential for ensuring compliance with various Philippine legislative requirements, including the Corporation Code, Data Privacy Act, Electronic Commerce Act, and industry-specific regulations. It provides detailed guidance on retention periods, storage methods, and disposal procedures for different types of corporate records, while addressing both physical and electronic documentation. The policy is particularly important given the increasing complexity of data management requirements and the need to balance business efficiency with legal compliance and risk management.
Suggested Sections

1. Purpose and Scope: Defines the objective of the policy and its application across the organization

2. Policy Statement: High-level statement of the organization's commitment to proper records management and compliance

3. Definitions: Clear definitions of key terms used throughout the policy, including types of records, retention periods, and disposal methods

4. Roles and Responsibilities: Defines who is responsible for implementing and maintaining the policy, including specific roles like Records Manager, Department Heads, and IT

5. Record Classification: Framework for categorizing different types of records and documents

6. Retention Requirements: General principles and requirements for retention periods, including legal and business requirements

7. Storage and Protection: Requirements for secure storage of both physical and electronic records

8. Disposal and Destruction: Procedures for proper disposal of records, including methods and documentation requirements

9. Legal Hold Procedures: Process for suspending normal retention periods when litigation or investigations are pending

10. Compliance and Audit: Procedures for monitoring compliance with the policy and conducting regular audits

11. Policy Review and Updates: Process for regular review and updating of the policy

Optional Sections

1. Electronic Records Management: Detailed procedures specific to electronic records management - needed for organizations with significant digital operations

2. Industry-Specific Requirements: Additional requirements for specific industries (e.g., financial services, healthcare) - needed when organization operates in regulated industries

3. International Operations: Additional requirements for cross-border data retention - needed for organizations with international operations

4. Disaster Recovery: Specific procedures for protecting and recovering records in case of disasters - needed for organizations in high-risk areas or with critical record requirements

5. Third-Party Service Providers: Requirements for records held by third-party providers - needed when organization outsources record storage or processing

6. Social Media Records: Procedures for managing social media content and communications - needed for organizations with significant social media presence

Suggested Schedules

1. Schedule A - Retention Periods: Detailed matrix of record types and their specific retention periods

2. Schedule B - Record Classification Guide: Detailed guide for classifying different types of records

3. Schedule C - Disposal Procedures: Step-by-step procedures for different methods of record disposal

4. Appendix 1 - Forms: Standard forms for record destruction, legal hold notices, and compliance checks

5. Appendix 2 - Systems and Tools: List of approved systems and tools for records management

6. Appendix 3 - Regulatory Requirements: Summary of relevant laws and regulations affecting retention periods

7. Appendix 4 - Department-Specific Guidelines: Specific guidelines for different departments or business units

Authors

Alex Denne

Head of Growth (Open Source Law) @ Genie AI | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

Linkedin in social icon imageX social icon image
alex.den.21@genieai.co
Relevant legal definitions
Active Records
Archival Records
Authorized Personnel
Business Records
Confidential Information
Corporate Records
Data Controller
Data Processor
Data Subject
Disposition
Document Owner
Electronic Records
Essential Records
Financial Records
Inactive Records
Legal Hold
Life Cycle
Metadata
Official Records
Permanent Records
Personal Data
Physical Records
Records Custodian
Records Management
Records Retention Period
Records Retention Schedule
Records Series
Retention Period
Secure Disposal
Semi-Active Records
Sensitive Information
Storage Location
Temporary Records
Transitory Records
Vital Records
Clauses
Purpose and Scope
Policy Statement
Compliance with Laws
Records Classification
Retention Periods
Storage and Security
Access Control
Data Privacy
Electronic Records Management
Physical Records Management
Records Disposal
Legal Hold
Disaster Recovery
Roles and Responsibilities
Audit and Monitoring
Training and Awareness
Third-Party Management
Enforcement and Violations
Policy Review
Amendments
Definitions
Documentation Requirements
Confidentiality
Data Protection
Archive Management
Quality Control
Business Continuity
Cross-Border Data Transfer
Regulatory Reporting
Record Ownership
Relevant Industries

Banking and Financial Services

Healthcare

Education

Manufacturing

Retail

Technology

Telecommunications

Professional Services

Real Estate

Insurance

Energy

Mining

Construction

Transportation and Logistics

Government Contractors

Relevant Teams

Legal

Compliance

Information Technology

Records Management

Human Resources

Finance

Operations

Administration

Risk Management

Internal Audit

Information Security

Quality Assurance

Relevant Roles

Chief Executive Officer

Chief Operating Officer

Chief Financial Officer

Chief Technology Officer

Chief Compliance Officer

Records Manager

Compliance Manager

Legal Counsel

IT Director

Department Heads

Human Resources Manager

Quality Assurance Manager

Risk Manager

Information Security Officer

Audit Manager

Operations Manager

Administrative Manager

Industries
Republic Act No. 9892 (Corporation Code of the Philippines): Sets requirements for maintaining corporate records, minutes, and other essential business documents. Generally requires corporations to keep records for at least 5 years.
Republic Act No. 10173 (Data Privacy Act of 2012): Governs the protection of personal information in both physical and digital formats, requiring appropriate retention periods and security measures for personal data.
National Internal Revenue Code: Requires businesses to maintain books of accounts and other accounting records for a minimum period of 3 years from the filing of tax returns or the last entry made in the books.
Republic Act No. 8792 (Electronic Commerce Act): Provides guidelines for electronic documents and electronic storage systems, including requirements for maintaining the integrity and reliability of electronic records.
Labor Code of the Philippines: Establishes requirements for maintaining employment records, including payroll, personnel files, and other employment-related documents.
Republic Act No. 9160 (Anti-Money Laundering Act): Requires the retention of records of covered transactions for five years from the date of transaction or longer if there is an ongoing investigation.
Securities Regulation Code: Requires publicly listed companies to maintain certain records and financial statements for specified periods.
Republic Act No. 9470 (National Archives of the Philippines Act): Provides guidelines for the preservation and disposition of government records, which may also affect private entities dealing with government contracts.
Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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