What are the risks of not complying with document retention policies?

I disagree with the legal risk scenario of keeping documents too long. You might need to provide evidence, but it would not be *because* you didn't erase them. In truth, you would be in possession of information that you should not have. Specifically if it's personal information, the organization risks non-compliance as rights such as consent are past expiration.

"I share the assessment on one hand; however, a significant risk is the risk of fraud. Documents that are retained for extended periods can be exploited for fraudulent activities, such as document forgery or signature falsification. They can also serve as a basis for manipulating documents."

"Indeed, please consider the high number of leaks that have made their way into the public domain without authorization. While it's beneficial to disclose information such as offshore accounts and asset transfers involving potential criminals, I share the assessment that there is a significant risk of documents being hacked and published, ultimately damaging the reputation of the company or individual."

"I agree with that. Additionally, outdated, undeleted documents increase the effort required for updating documents and policies. With more documents in existence, there is also a need to review a greater number of documents to determine if an update is necessary. Furthermore, it confuses those searching for the correct document. In short, it leads to inefficiency."

I fully agree with that. Despite the risk of non-compliance, I consider it very important that such regulations exist to mitigate other risks accordingly.

I consider this topic to be important, but not substantial. From my personal perspective, relying on this issue to boost employee morale is not the right approach. The overall goal and team spirit should take precedence.

It may cause operational inefficiencies, data breaches and even the loss of intellectual property. Clear policies, regular updates and employee education are essential to avoid these risks and ensure proper document management.

This is a great opportunity for automation. Different classifications and jurisdictions have separate retention requirements and managing them manually is not only a headache, but also a massive waste of time.

By following document retention policies, you are not only protecting yourself and your organization from risks but also enhancing your administrative skills. It is essential to familiarize yourself with these policies, understand their reasons, and use the available tools and resources to comply effectively. Regular review and update of documents, keeping track of expiration dates, and documenting retention and disposal actions are key steps in ensuring compliance. Remember, the consequences of not following document retention policies can be serious, so it is crucial to adhere to them always.

Most of the time this perspective is disregarded due to it being low risk, but we should also consider the impact to the concerned personnel. 1. Decreas(ed) or (ing) productivity: Poor record keeping can lead to decreasing productivity when employees are forced to track down the information they need to complete tasks. 2. Worker and workflow inefficiencies: Without adequate record-keeping, workers will spend too much time looking for agreements and associated records. 3. Poor response time: Poor record-keeping can lead to poor response time. Time wasted, resources wasted, breeds inefficiencies.