What is a Record? What is Records Management?

Record is a document or content that an organization need to keep as an evidence for an important transaction, activity or a business decision for regulatory, compliance and governance purposes. Not all documents are Records. Only a subset of documents that an organization need to preserve as an evidence are called as Records.

What is Records Management?

The ISO 15489-1: 2016 standard defines records management as “the field of management responsible for the efficient and systematic control of the creation, receipt, maintenance, use and disposition of records, including the processes for capturing and maintaining evidence of and information about business activities and transactions in the form of records”

What is Records Retention Schedule?

A records retention schedule is a document that identifies and describes an organization’s records and the lengths of time that each type of record must be retained. To give and idea ,the following section shows the general record keeping requirements of Texas State for statutory purposes. Every organization can have thier own set of record keeping requirements and records retention schedule which are dictated by industry and government compliance requirements.

      Wage and hour laws (FLSA) – while some payroll records need be kept only two years, most must be kept for at least three years under the federal law (FLSA); to be safe, keep all payroll records for at least three years after the date of the last payroll check.
      Unemployment compensation – keep all records relating to employees’ wages and other compensation, as well as all unemployment tax records, for at least four years.
      Family and Medical Leave (FMLA) – keep all payroll, benefit, and leave-related documentation for at least three years after conclusion of the leave event.
      I-9 records – keep all I-9 records for at least three years following the date of hire, or for one year following the employee’s date of last work, whichever point is reached last.
      New Hire reporting – report all new hire information within 20 days of hire.
      Hiring documentation – under EEOC rules, all records relating to the hiring process must be kept for at least one year following the date the employee was hired for the position in question; if a claim or lawsuit is filed, the records must be kept while the action is pending.
      Disability-related records (ADA) – keep all ADA-related accommodation documentation for at least one year following the date the document was created or the personnel action was taken, whichever comes last.
      Benefit-related information (ERISA and HIPAA) – generally, keep ERISA- and HIPAA-related documents for at least six years following the creation of the documents.
      Age-discrimination documentation (ADEA) – keep payroll records for at least three years, and any other documents relating to personnel actions for at least one year, or during the pendency of a claim or lawsuit.
      OSHA records – keep OSHA-related records for at least five years.
      Hazardous materials records – keep these for at least thirty years following the date of an employee’s separation from employment, due to the long latency period for some types of illnesses caused by exposure to hazardous materials.
      State discrimination laws – keep all personnel records for at least one year following an employee’s last day of work.
      IRS payroll tax-related records – keep these records for at least four years following the period covered by the records.

In the financial industry, Registered broker-dealers are subject to a variety of record-keeping requirements enforced by the U.S. Securities and Exchange Commission and self-regulatory agencies such as the Financial Industry Regulatory Authority (FINRA). SEA Rules 17a-3 and 17a-4, specify minimum requirements with respect to the records that broker-dealers must make, how long those records and other documents relating to a broker-dealer’s business must be kept and in what format they may be kept. FileCloud’s Financial Services Compliance white paper shows the retention periods of various records that Registered broker-dealers need to preserve as per FINRA rules.

How FileCloud can help you in managing your enterprise records?

FileCloud offers powerful record management and governance features that allows organizations to create flexible retention and archival policies to meet any compliance requirements. The following screenshots show how one can create retention schedules for different types of records.

Retention Policies


Create Retention Policies