Data retention policy Assignment help
What is a data retention policy?
A data retention policy is an organization’s protocol for how long to retain information. It can help organizations comply with regulatory obligations. Data retention policies are a crucial part of the regulatory compliance process. They help organizations maintain a record of their interactions with external stakeholders and they can help to demonstrate that an organization has been transparent about their activities. data retention policy assignments are really challenges for several students. Every student has to address this particular assignment all on their own to get a passing grade within the submission deadline. There are several students who struggle with research papers, experimentation, and data presentation and so forth As soon as their own instructor requests them regarding the topic associated with biology assignments they will feel uneasy concerning it and sometimes become irritated. All that can go away with just seeking help with us at asssignmentsguru.com
When writing a data retention policy, you must determine how to: organize information so it can be searched and accessed later, and dispose of information that’s no longer needed. Some organizations find it helpful to use a data retention policy template that provides a framework to follow when crafting the policy.
A comprehensive data retention policy outlines the business reasons for retaining specific data and what to do with it when targeted for disposal.
Why is a data retention policy important?
It’s important to have a data retention policy in place as it relates to your organization’s data management strategy. A proper plan ensures that you can confidently store & access all of your information as needed. A policy is important because data can pile up dramatically, so it’s crucial to define how long an organization must hold on to specific data. An organization should only retain data for as long as it’s needed, whether that’s six months or six years. Retaining data longer than necessary takes up unnecessary storage space and costs more than needed.
What are the benefits of a data retention policy?
There are numerous benefits to establishing a solid data retention policy. Some of the more compelling benefits include:
Automated compliance. With an established policy, organizations can ensure they comply with regulatory requirements mandating the retention of various types of data.
Reduced likelihood of compliance related fines. Even if an organization retains all the data that’s legally required, the organization must be able to produce that data if it’s requested by auditors. Retaining only the minimally required volume of data makes it easier and less time-consuming to locate this data, thereby reducing the chances that an organization is fined for its inability to produce data that’s required to be retained.
Reduced storage costs. Reducing the volume of data you store can reduce your storage costs and there is a direct cost connected to data storage..
Increased relevancy of existing data. Data becomes less relevant as it ages, and a data retention policy removes irrelevant data that’s no longer needed.
Reduced legal exposure. Once data is no longer needed, it’s removed, eliminating the possibility that the data can be surfaced during legal discovery and used against the organization.
What are data retention policy best practices?
When it comes to creating a data retention policy, every organization’s needs are different. Even so, there are several best practices that organizations should adhere to when establishing a data retention policy. Some of these best practices include:
Identifying legal requirements. Organizations must determine the laws and regulations that govern their data retention requirements so those requirements can be incorporated into the data retention policy.
Identifying business requirements. Creating an effective data retention policy involves more than just complying with applicable regulations. The retention policy must also take the organization’s business requirements into account. It could be that there are operational requirements that mandate retaining data for longer than what’s legally required.
Considering data types when crafting a data retention policy. In any organization some data is more valuable than other data. An organization should avoid creating a blanket data retention policy that applies to all types of data. Instead, the policy should specifically define the type of data that must be retained and establish retention requirements for each type.
Adopting a good data archiving system. If regulatory requirements require certain types of data to be retained for longer than the data is needed by the business, then consider adopting a data archiving system. A data archival system can make archiving cheaper by automating the data lifecycle and letting you find specific data from the archives at any time.
Having a plan for legal hold. If the organization is involved in litigation then it will likely need to pause the data lifecycle management process so the data that was subpoenaed won’t be automatically deleted once it reaches the end of its retention period.
Creating two versions of your data retention policy. If an organization is subject to regulatory compliance, it will likely have to document its data retention requirements to satisfy regulatory mandates. This is a formally written document that can be filled with legal jargon. As a best practice, consider drafting a simpler version of the document that can be used internally as a way of helping stakeholders in the organization better understand retention requirements.
How do you create a data retention policy?
Creating a data retention policy is rarely a simple process and some organizations might find it better to outsource the policy creation and implementation process rather than doing it internally. For organizations creating their own data retention policies, there are 10 basic steps:
Decide who’ll be responsible for creating the policy. This task won’t usually be handled by a single person in the organization because it requires expertise in various areas. Typically, the data retention policy creation process is a team effort with members of the IT staff, the organization’s legal department and other key stakeholders.
Determine the organization’s legal requirements. The policy must meet or exceed the requirements outlined in any regulations that apply to the organization. Identify the legal requirements upfront, as they’ll be the foundation of the policy.
Define the organization’s business requirements. This means identifying various types of data and figuring out how long each data type should be retained. Typically, data is active for a period, then moved to archival storage and eventually purged from the archive as a part of the organization’s data lifecycle management process.
Determine who’ll be responsible for ensuring that data retention is being performed according to the policy.
A common way to ensure compliance is by conducting internal audits. This can be accomplished by determining priority areas or systems within the company, as well as potential risk exposure and employee knowledge.
Decide the frequency with which the data retention policy should be reviewed and revised.
Work with the organization’s HR or legal departments to establish a means of enforcing the policy.
Determine how the data retention requirements are implemented and enforced at a software level.
Write the official data retention policy.
Once the policy has been drafted, present the policy to key stakeholders for approval.
The operational reason for implementing a data retention policy involves proper data backup. An organization’s backup data helps it recover in the event of data loss. A policy is important to make sure the organization has the right data and the right amount of data backed up. Too little data backed up means the recovery won’t be as comprehensive as needed, while too much causes confusion.
A data retention policy should treat archived data differently from backup data. Archived data is no longer actively used by the organization, but still needed for long-term retention. An organization might need data shifted to archives for future reference or for compliance. Archives are stored on cheaper storage media, so they reduce costs and the volume of primary data storage. A user should be able to search archives easily.
For proper creation and implementation of a data retention policy, especially regarding compliance, the IT team should work with the legal team. Your company’s legal team will be able to tell you how long data must be retained by law. IT will be in charge of implementing this policy.
Be careful with the data retention policy. Just because a file was created decades ago doesn’t mean it should be automatically deleted after a certain time. That old file could be an important contract the organization must retain, or it could contain other valuable information.
A storage system can retain or remove data based on rules set up by IT. The use of metadata is one way to figure out when a data object is scheduled for deletion or designated to a given storage location. Automated software moves old data to archives, which is especially helpful for organizations with large data volumes. Some software can automatically delete data based on age, outlined in a retention schedule. But administrators must be certain that deleted data serves no further purpose.
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