What is Records Retention? Determining Your Schedule, Policy, & Level of Compliance

Records retention for businesses and organizations is the process or system for managing confidential records, including developing a retention schedule and ensuring legal and regulatory compliance. Records and document management is crucial for meeting legal, operational, and compliance needs.

This article will explore the significance of records retention and how to create an effective schedule and policy. We will discuss legal compliance, data privacy and security benefits, how to develop a retention schedule for digital and physical documents, and how to create a comprehensive records retention policy.

What is Records Retention?

Records retention refers to an organization’s practices to protect and keep important documents for the required duration. This practice helps businesses store, access, and dispose of records effectively, meeting legal, operational, and compliance needs while promoting efficiency and responsibility. Record retention is necessary to keep important and valuable information safe, including documents and files.

The Role of Records Retention in Compliance

Records retention is also key for maintaining compliance with industry regulations (e.g., GDPR, HIPAA, SOX). Every industry has its own defined laws and regulations for how long various types of records, such as financial records, employee data, or environmental reports, must be kept, from storage to management rules.

By adhering to a strict record retention policy, you won’t have to worry about compliance issues that could result in legal penalties and reputational harm. To learn more about your industry-specific compliance needs, contact the records retention experts at Midway Document Destruction.

Why is a Records Retention Policy Important?

Implementing a formal records retention policy is vital for businesses. It effectively reduces legal risks, enhances data privacy, and improves operational efficiency, all while protecting personal and business information throughout its lifecycle.

Benefits for Data Privacy and Security

A data retention policy is also necessary to protect sensitive data from breaches or unauthorized access. Limiting the amount of stored data minimizes the risk of cyberattacks.

Legal and Regulatory Compliance Considerations

Specific laws and regulations govern records retention. For instance, IRS guidelines for data retention state that you must keep your records for three years from the filing date of your original return or two years from the tax payment, whichever is later if you’re filing a credit or refund claim. Hold onto those records for seven years if you claim a loss from worthless securities or a bad debt deduction.

While SEC requirements mandate that broker-dealer records be retained for at least three years, with the first two years easily accessible, this is specified in Rule 17a-4, which outlines broker recordkeeping standards.

How to Determine a Records Retention Schedule

Conducting a records audit is important to creating a records retention schedule that meets an organization’s needs. This audit helps identify all the records the organization generates and assesses their business value. Additionally, it involves determining legal retention requirements and effectively managing both digital and physical records.

Conducting a Records Inventory

Start by performing a comprehensive inventory of all records, including digital and physical formats. Ensure that records are categorized by type, as this will establish a solid foundation for an effective retention schedule.

Understanding Retention Periods

To determine record retention periods, consider legal requirements, industry standards, and business needs. Short-term classified data, like emails, can be automatically deleted, while long-term records, such as contracts, must be kept for several years before archiving or deletion.

Managing Digital vs. Physical Records

Digital data security is maintained through access controls and backup systems. Physical record retention can be challenging because of limited storage, damage risks, and retrieval issues, making secure storage essential.

Digital records use electronic systems and tools for seamless organization and efficiency, whereas physical records need to be indexed and labeled for quick and easy access.

Building a Comprehensive Records Retention Policy

Developing a comprehensive and actionable records retention policy must align with legal requirements, organizational goals, and employee engagement.

Key Elements to Include

Key components of a strong retention policy include precise retention schedules, designated responsibilities, and procedures for secure destruction.

Implementation and Employee Training

For a successful records retention policy to work, employee buy-in and training are a must, as this will support adherence to the policy. When rolling out the policy across departments, it should be organized, documented, and explained to employees the need and rationale behind it. Then, for continued compliance monitoring, establish a system to track policy, which can be automated using specific tools.

Best Practices for Records Retention

To enhance records retention efforts, organizations should adhere to best practices that improve compliance and efficiency, such as conducting regular policy reviews and ensuring secure document destruction.

Regular Policy Reviews

Regular reviews of the retention policy every one to two years will help address changing regulations and organizational needs. Conduct these reviews by assessing the effectiveness of the existing retention policy and identifying areas for improvement, evaluating current laws and regulations for compliance, reviewing recent operational changes, and getting feedback from all those involved in the records lifecycle.

Secure Document Destruction

It is extremely important to securely dispose of records that have reached the end of their retention period. Find the proper method of document destruction, such as shredding or incineration, that follows regulations to avoid non-compliance implications.

Partnering with Experts for Records Management

Partnering with professionals to manage your records retention policies can have significant advantages, including improved compliance and reduced risks. By collaborating with specialized companies like Midway Document Destruction, organizations can leverage their extensive experience in compliance, minimize risks through best practices, and utilize technology solutions for efficient storage, retrieval, and disposal of information.

Why Choose Midway Document Destruction?

Contact Midway for expertise in records retention, secure document destruction, and compliance solutions. Our professional and reliable data privacy and document destruction services simplify records management and give our clients peace of mind.

Discover our records destruction, management, and storage services now!

The Ultimate Guide to Shredding Services Near You

Proper document disposal is paramount for securing valuable information, both for businesses and personal documents. From data breaches to confidential materials landing in the wrong hands, secure document shredding is essential in avoiding identity theft. It’s best conducted by professionals like Midway Document Destruction.

This article provides detailed information about secure paper shredding, its importance, the various types of paper shredding services available, how they operate, and tips on choosing reliable and affordable shredding services.

What Is Document Shredding and Why Is It Important?

Secure document shredding destroys paper documents by cutting or tearing them into small pieces using a shredding device. To prevent identity theft and financial disputes, sensitive paper documents like medical records and tax files must be shredded. This process can be done at home, in offices, or through professional services.

However, the most convenient and secure method of secure paper shredding is to let professionals complete this task. Professionals like Midway Document Destruction are HIPAA and FACTA privacy laws, which means all documents will go through a Cross-cut shredder, all documents will be tracked from collection to disposal, and a final certificate will be given that all sensitive materials have been destroyed according to compliance standards.

Types of Shredding Services

Discover shredding services near you from professionals like Midway, which offers a variety of options to meet your personal or business needs. Choose from on-site or off-site shredding, one-time shredding, routine shredding services, and more to find the best solution.

On-Site Shredding:

Experience the convenience of mobile shredding, where a secure truck comes directly to your location to shred your documents on-site, providing privacy and peace of mind.

Off-Site Shredding:

Another effective way to shred documents is through off-site services. These services involve collecting and transporting your documents to a dedicated facility, where they are destroyed safely and efficiently.

Scheduled Shredding:

Scheduled shredding involves regular services for businesses that require consistent document destruction. This way, you can have your documents safely shredded without any concerns.

One-Time Shredding (Purge Shredding):

Businesses and individuals also have the option for one-time shredding, which involves purge shredding. This is best for those who need to destroy large volumes of documents occasionally.

Community Shredding Events:

Community shredding events, like Midway Document Destruction’s shred-a-thons in Chicago, allow the public to dispose of old documents safely. During Midway’s shred-a-thon, Chicago residents can securely dispose of their paper documents for free while learning about the importance of data privacy.

Steps to Finding Reliable Shredding Services Near You

Protect yourself and your business by using the most reliable and trusted shredding services in your area. First, it’s important to identify the type of shredding you need. Then, research local services, check the compliance ratings of the shredding companies, and consider their security measures, prices, and more. Follow these guides to get started:

Step 1: Identify Your Needs:

Do you need on-site or off-site shredding? One-time or recurring service?

Step 2: Research Local Services:

Check local shredding service providers in area directories, read reviews, and use search engines to find options.

Step 3: Check Certifications and Compliance:

Make sure the company has NAID certification and HIPAA/FACTA compliance.

Step 4: Review Security Measures:

Look for features like 24-hour surveillance, restricted access, and certificates of destruction.

Step 5: Compare Prices and Services:

Find a shredding service near you that balances price, service quality, and security.

Step 6: Read Customer Reviews and Testimonials:

Consider customer feedback to understand the business rating better.

Why Choose Certified Shredding Services?

Shredding services with certifications like NAID guarantee the secure handling and destruction of sensitive information. Midway Document Destruction offers certified services and follows industry standards. Whether a small business or a large corporation, you can trust Midway’s quality service to protect your data and privacy.

The Benefits of Shredding with Midway Document Destruction

There are numerous advantages to partnering with Midway Document Destruction, which can handle all your paper shredding service requirements. With benefits like superior security and confidentiality, customizable solutions, and community involvement.

Security and Confidentiality:

At Midway, we prioritize security above all else. With our round-the-clock surveillance, restricted access protocols, and certificates of destruction, you can trust that your assets are safe every minute of the day.

Customizable Solutions:

No matter what shredding services you require, we provide customizable solutions. Midway offers on-site, off-site, one-time, and recurring shredding options to meet diverse customer needs.

Community Involvement:

We are committed to the local Chicago community through charitable work and local hiring. Our community shred-a-thon events are free for Chicago residents, helping them destroy documents.

Frequently Asked Questions About Shredding Services

How often should I shred documents?

Shred credit card and utility bills right after payment. Also, shred sales receipts unless they pertain to warranties, taxes, or insurance. After a year, shred bank statements, pay stubs, and medical bills.

Is shredding secure enough for legal documents?

Professional shredding services are the safest and most efficient way to destroy legal documents.

What happens after my documents are shredded?

Once your documents are shredded, you’ll receive a certificate notifying you that everything has been destroyed.

How do I schedule a shredding service with Midway?

Contact us today to schedule your shredding service. Call us at (877) 300-1255.

How to Get Started with Midway Document Destruction

Explore our extensive professional paper shredding services by requesting a free quote today! For more information about our available paper shredding services, contact Midway Document Destruction. Call us at (877) 300-1255 for all your document storage and removal needs.

Paper Clips, Staples, and Shredding: What You Need to Know

Many wonder whether they can still shred documents with staples or paperclips attached. Is removing these fasteners before slicing necessary to avoid damaging the machine?

This helpful guide will discuss the compatibility of shredders with staples and paperclips, provide practical tips for paper shredder maintenance, and highlight the importance of professional shredding services.

Can All Shredders Handle Staples and Paperclips?

It’s important to understand that not all shredders are created equal. There are two main categories: compact home office shredders and commercial-grade shredders. The type of shredder you should choose depends on your specific shredding needs.

Small Home and Office Shredders:

Home office shredders will have some limitations regarding staples and paper clips and the potential damage they can cause to blades and feeder mechanisms. Therefore, it’s necessary to consult a user manual for your specific shredder to avoid accidental damage to your machine.

Industrial and Commercial Shredders:

Heavy-duty shredders, such as those found in professional shredding services, are designed to efficiently handle staples, paper clips, and binder clips. These industrial and commercial shredders provide numerous benefits, including adequate protection of sensitive information, enhanced durability, and a longer lifespan.

Do You Have to Remove Staples Before Shredding?

To address the age-old question, “Do you need to remove staples before shredding?” the answer is no if you use a public or commercial-grade shredding machine. These machines can easily crush staples and paper clips without any issues. Therefore, you can eliminate the hassle of removing staples when using a home shredder by either outsourcing to a professional shredding service or using an industrial shredder.

How to Remove Staples from Paper Efficiently

Using tools like a staple remover or pliers, you can efficiently remove staples from paper documents before shredding them. However, commercial shredders are ideal for removing staples, paper clips, and binder clips before shredding as they are designed to handle them.

Why Use Professional Shredding Services?

Professional document shredding services are ideal for businesses and individuals to dispose of paper documents safely. These services can efficiently handle staples, clips, and other materials without extra effort. They offer the convenience and security of outsourcing document destruction, reducing the need for internal equipment maintenance.

Another way to efficiently shred your documents if you are in the Chicago area is to participate in the Midway Document Destruction’s free paper shredding events. Known as Shred-a-thons, these events occur in neighborhoods throughout Chicago and are sponsored in partnership with local government offices. They offer FREE paper shredding services to community members.

The Convenience of Public Shredding Machines

Public shredding machines and mobile shredding services offer a convenient and secure solution for document destruction. Public shredding machines are top-of-the-line for all shredding needs. They have the capacity to handle large volumes of paper and can shred multiple sheets at once, saving your staff time and energy.

In addition to shredding large quantities of paper in seconds, professional shredding companies also destroy and shred staples and paperclips, so you never have to worry about them again.

Frequently Asked Questions About Shredding Staples and Paper Clips

Find answers to some of the most common questions about working with shredders.

Can you put staples in a shredder?

To avoid damaging the machine, get the user’s manual, and do so only on commercial, industrial-grade shredders.

Do staples need to be removed before shredding?

Staples can damage a home shredder’s blades, limiting its performance and integrity.  Therefore, it’s best to remove staples unless using public shredding machines.

Can staples go through a shredder?

Industrial or commercial shredders can easily handle staples and paper clips. 

Get Professional Shredding Services with Midway Document Destruction

Contact Midway Document Destruction for hassle-free, secure commercial shredding services to dispose of your documents quickly and easily. Call our team for a free quote and to learn more about our expertise in handling all types of documents. Say goodbye to clutter and protect your privacy with Midway Document Destruction!