Record Storage and

Management:Create an Effective

Plan in 7 Steps

Let’s learn from previous companies’ mistakes

Why Focus On Storing &Managing Records Anyway?

Morgan Stanley Learned It the Hard Way

In 2017, banking giant Morgan Stanley was fined $13 million—partly for failing to preserve

and maintain their client records properly

Fear-Based Storage & Management Plans

There’s danger in keeping records forever

“Perhaps too much of everything is as bad as a little.”

—Edna Ferber

“

Hanging On Too Long

Seeing Morgan Stanley, many companies create plans to keep records indefinitely.

Unfortunately though, keeping more records also has some potential side-effects:

◎ Greater odds of one being stolen or lost

◎ Higher cost of total record storage

◎ Other legal risks such as privacy rights violations

What Is an Effective RecordStorage & Management Plan Then?

Let’s go over what goes into a solid storageand management plan

Effective Plan Components

Figuring out what records need to be kept—and for how

long

Planning how and when you’ll shred and

dispose unneeded records

Preparing a plan for when disasters (hopefully don’t)

strike

1.Completely Inventory All

Company DocumentsLet’s begin with the basics

Know What You’re Dealing With

Before you put processes and plans in place, you need to know how much you have to handle

By doing a complete inventory of all the records you have to manage, you can develop the best plan to handle your needs

Organize Different Record Types

Financial documents, client files, and employee records all need to be stored and retained for different amounts of time

Organizing different types of records right off the bat helps to simplify managing records down the road

2.Select the Best Way to

Store and Manage RecordsLet’s go over your options

Storage and Management Types

OffsiteHard-copy storage

at an offsite records management facility

for files requiring paper copies

DMSPaperless document management system software for scanned and converted digital

files

CloudInternet-based

record storage and management for remote access to

digital records

3.Decide Who Will

Manage Your PlanLet’s look at the processes to consider

Choosing Who and What to Manage

There’s a few things to determine: what processes need managing, and who will handle it

Many hire a records manager to maintain organization and retention schedules

A DMS and cloud storage can track and maintain these automatically, but both need someone to take care of records’ eventual disposal

4.Develop Records Retention

& Destruction SchedulesLet’s go over the lifespan of a record

Retention & Destruction Plans

◍ Auto Insurance Claims: 10 years◍ Bank Statements: 7 years◍ Payroll Checks: 7 years◍ W-2 Forms: Permanent

Different types of records all require different retention times. Some of the most common examples include:

Once records pass their retention times, they need to be shredded and destroyed to avoid both security risks and privacy rights violations

5.Create Your Disaster

Recovery PlanLet’s figure out what to do when disaster strikes

Disaster Recovery Strategies

Digital BackupsData is backed up, encrypted,and then stored on external

hard drives where it can be easily implemented but still secure and

separated from potential risks

Tape BackupsData is backed up to a microfilm

roll, and then stored in alocked and climate-controlled

external location to avoidfire and moisture damage

6.Document Proper Plan

ProceduresLet’s put it all together

Get Everything Down On Paper

Now that you have a plan for how you’ll store and manage your records, you need to get the step-by-step

procedures down on paper for training and implementing—just think of it as your instruction manual

7.Training, Implementing,

and Maintaining Your PlanLet’s finish with putting your plan into action

Maintaining

Implementing

TrainingInstruct your employees according to your new procedure

manual

Document any plan issues or inefficiencies with regular process updates and audits, and keep improving as you go!

Get started by making sure your records managers are ready, your system is secure, and then simply following the steps in your plan

Need Storage forManaging Records?

Find storage options for an effective digital or paper record management plan when you visit Record Nations Today!