retentionspolicy

Retention policy, sometimes referred to as a data retention policy or information retention policy, is a formal set of rules used by organizations to determine how long records and data should be kept, where they should be stored, and when they should be disposed of. The policy aims to balance legal and regulatory requirements, business needs, data privacy, and risk management.

Key elements include a retention schedule that assigns retention periods to data types (for example, financial records, personnel files, emails, customer data); rules for archiving versus deletion; procedures for legal holds; and defined methods for secure disposal. The policy should address all relevant data stores, including primary systems, backups, and archives, and it should consider cross-border data transfers and file formats.

Governance and lifecycle management involve defining ownership, implementing automation where feasible, and periodically reviewing the policy to reflect changes in regulations and business practices. Compliance often requires documentation, auditing, and the ability to demonstrate retention decisions during audits or litigation.

Context and standards: Retention policies support compliance with laws and standards such as GDPR, HIPAA, SOX, and records management frameworks like ISO 15489. An effective policy also aligns with privacy-by-design principles and data minimization.

Challenges include keeping schedules up to date, handling data across disparate systems, and balancing accessibility with security. Best practices emphasize explicit retention periods, automated enforcement, secure deletion, and regular training for staff.