Record Retention
The practice of keeping and managing records and data for a required period.
What is Record Retention?
Record Retention is the practice of maintaining and managing documents, records, and electronic data for a legally or operationally required period, ensuring accessibility, compliance, and historical reference.
Why It Matters?
It supports legal compliance, audits, litigation readiness, and corporate governance, reducing risk of penalties or evidence loss.
Example
A company retains employee contracts and tax records for seven years to comply with regulatory and legal requirements.
Related Terms
Mediation
Litigation