1 / 14

Record Retention to Manage Risk

Record Retention to Manage Risk. F. Jay Meyer Vice President & Senior Attorney TD Banknorth, N.A. Portland, Maine. Record Management Risks. Inability to Perform Transactions Inability to Enforce or Defend Claims Legal or Regulatory Noncompliance Costs of Storing, Searching and Producing

dinh
Télécharger la présentation

Record Retention to Manage Risk

An Image/Link below is provided (as is) to download presentation Download Policy: Content on the Website is provided to you AS IS for your information and personal use and may not be sold / licensed / shared on other websites without getting consent from its author. Content is provided to you AS IS for your information and personal use only. Download presentation by click this link. While downloading, if for some reason you are not able to download a presentation, the publisher may have deleted the file from their server. During download, if you can't get a presentation, the file might be deleted by the publisher.

E N D

Presentation Transcript

  1. Record Retention to Manage Risk F. Jay Meyer Vice President & Senior Attorney TD Banknorth, N.A. Portland, Maine

  2. Record Management Risks • Inability to Perform Transactions • Inability to Enforce or Defend Claims • Legal or Regulatory Noncompliance • Costs of Storing, Searching and Producing • Spoliation Penalties Goal: retain as long as needed for operational and legal reasons, then delete.

  3. Record Program Elements • Record Management Policy • Retention Schedule • Administrative Mechanisms

  4. Record Management Policies • Satisfy Legal, Operational Requirements • Non-Selective Retention and Deletion • Holds • Enforcement • E-Mail: all of the above plus • Composition and Addressing • Improper or Illicit Content • Ownership and Monitoring • Archiving Details

  5. Retention Schedule • Arrange by Division or Department • Survey to Identify Broad Categories • Simple Name, Detailed Description • Specify Record Medium • Retention Period and Basis

  6. Retention Periods • Legal Requirements • Tax Records: 7 Years? • Know Your Limitations • Mandatory Periods, Stages (e.g., Rule 17a-4) • Life Plus • Permanent? • Operational Requirements

  7. Administering Record Program • Functions • Labeling • Inventory • Storage and Retrieval • Destruction • Holds • Manual • Automated • Third Party

  8. Deletion • Delete Routinely Under a Policy “It is, of course, not wrongful for a manager to instruct his employees to comply with a valid document retention policy under ordinary circumstances.” Arthur Andersen LLP v. United States, 544 U.S. 696 (2005). • Delete Thoroughly and Non-Selectively • Holds: Suspend Routine Deletion

  9. Holds • When: Anticipated Claim or Investigation • Necessary Steps • Identify and Preserve Relevant Records • Notify and Monitor Affected Individuals • Adjust Routine Archiving and Deletion • Retain Backups • Penalties for Spoliation

  10. Electronic Record Types • E-Mail (Traditional, IM, Text Messaging) • Application Files (Word, Spreadsheet, Database) • Web Content (HTML files) • Images (Photos, Analog and Digital Video) • Phone (Dialing/Billing, Voice Mail, VOIP)

  11. The Challenges of E-Mail • Fast, Convenient and Informal • Easily Copied, Edited and Forwarded • Intangible; Difficult to Track and Manage • Instant Messaging: Difficult to Document

  12. Archiving Electronic Records • Separate the Wheat from the Chaff • Print and File • Electronic • File Type and Location • Server vs. Desktop • Labeling, Dating and Versions • Legal Requirements (e.g., Rule 17a-4) • Don’t Rely on Backups!

  13. Automated Electronic Archiving • Automatic Capture • Automatic Retention • “Dumb” (Uniform Period) • “Smart” (Segregation) • Automatic Deletion • Working vs. Archive Copy • Safe Harbor under F.R.Civ.P. 37 • Holds

  14. ANY QUESTIONS?

More Related