What is Retention?

Define “retention”

“Retention” is the retaining or disposing of documents or files (“records”).

Example

Let’s say Tony, an officer at Stark Industries, has a stack of contracts, reports, invoices, etc. on their desk or as files on a computer. 

How long should Tony keep these files at his desk, so that Stark Industries remains compliant with local and international regulations?

This is where the retention schedule comes in.

Define a "retention schedule"

The information governance team at Stark Industries, creates a retention schedule that summarizes how long a file (“record”) should be stored (“retention period”), based on factors such as its purpose or jurisdiction.
The retention schedule begins with categorizing all possible records at Mountain Corporation into a document taxonomy of “Functions”, “Series”, “Types”, and “Examples.” Organizations may also use “tags” to further organize the taxonomy as they see fit.

Then, regulations from relevant authorities are mapped to the retention schedule as “Requirements” that guide the action and timeframe of record retention.

Lastly, recommended rule(s) are assigned to each Series, summarizing exactly what everyday users should follow to remain compliant.

Once the retention schedule is finalized, Tony, or any member of Stark Industries, may refer to the schedule to know exactly when to throw or keep a specific document on their desk.

The Structure of a Retention Schedule

Taxonomy Hierarchy

MosaIQ offers 4 possible levels in a taxonomy of records:

1. Functions - Main uses of record categories ex: HR, Finance
2. Series - Category of records
3. Types - Subcategory of records
4. Examples - Record examples to give a clearer idea of what subcategory may represent

This structure is flexible to every organization’s needs:

• Series may be assigned to one or multiple Functions. For example, HR and Finance may share certain record types.
• Create custom Tags inside custom Tag Groups to make your taxonomy more easily searchable.

Requirement Mappings

Search the global database in MosaIQ for relevant regulations and authorities for your jurisdictions. This database is maintained by researchers worldwide and regularly updated. Map them to your retention schedule to keep track of what specific jurisdictions and authorities require.

Learn more about the Requirements database.

Recommended Rules

“Rules” answer the core question of “how long should I retain this record?”. At the Series level, rules provide a useful summary to what every organization member should follow, without needing to read through every mapped Requirement.

Viewable by everyone, rules are created and maintained by the Admins and Editors of the Retention Schedule.

Learn more about writing Rules.