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Since 1948, we have delivered secure records management solutions to help businesses confidently protect and manage their information.
Managing business documents isn’t about keeping everything forever. It’s about aligning retention with compliance, risk management, and operational needs — then securely destroying records when their lifecycle ends.
Without a structured approach like a documented records lifecycle management process, businesses often:
Companies can face penalties for both keeping records too long and destroying them too soon. The key is balance.
Proper document retention helps your business:
Retention without a schedule increases risk. Over-retention increases breach exposure. Premature destruction increases compliance risk.
A disciplined retention strategy supported by secure offsite records storage ensures that inactive records are preserved appropriately until destruction eligibility.
Below are widely recognized federal retention guidelines.
These timelines form the foundation of a formal retention schedule.
Retention needs vary by industry, but most organizations maintain these core categories.
Retain according to IRS statute-of-limitations norms:
Inactive financial files that must be retained but are rarely accessed are ideal candidates for secure offsite storage rather than occupying expensive office space.
Employee documentation is heavily regulated and often sensitive. Examples include:
Proper classification and secure storage reduce audit risk and protect employee privacy.
Certain documents may require permanent retention:
These often qualify for long-term preservation solutions, including climate-controlled vault storage when environmental stability is required.
Healthcare, financial institutions, government entities, and energy companies often face stricter retention mandates. In these environments, combining structured records retention policy retention policies with records management solutions helps support compliance and defensibility.
Records should be securely destroyed when:
Examples include:
Not sure how long your specific documents should be kept? Download our comprehensive Record Retention Schedule Guidelines to get a structured, easy-to-follow framework you can apply across departments.
Here is a simplified reference. Retention should always be confirmed based on your industry, state laws, and legal counsel.
For a more defensible program, align your policies with a documented records retention schedule.
Keeping everything “just in case” increases:
Inactive records should not consume valuable office space. Many organizations reduce risk and cost by moving inactive files to secure offsite storage facilities.
Premature destruction can result in:
Destruction should only occur when documentation confirms eligibility. This is where a documented chain of custody process and a certificate of destruction become critical.
A strong retention schedule includes:
Aligning retention with the broader records lifecycle management framework ensures records move from creation to destruction in a controlled, compliant manner.
Secure shredding is recommended when:
Businesses often choose:
Using a professional secure shredding provider protects your organization from unnecessary risk.
Yes. Digital records should follow the same retention timelines as paper records and should be managed under a documented lifecycle process.
No. Confidential documents should always be securely shredded.
Inactive records are typically better suited for secure offsite storage, freeing office space and reducing risk.
Many privacy and data protection laws require secure disposal of confidential information.
Deciding which documents to keep and which to shred requires structure, not guesswork.
A disciplined retention strategy helps you:
If your organization is unsure whether it is retaining too much or destroying too soon, it may be time to evaluate your retention and destruction strategy.
Corodata supports businesses with records lifecycle management, secure offsite storage, climate-controlled vault storage, secure shredding services, and documented chain of custody processes.
If you’d like to assess your current retention practices, reach out to learn how we can help you build a secure, compliant records strategy.
Download and save our "Business Retention Schedule Guideline" to ensure you meet government mandates and have your employees knowledgeable of what records to store and for how long.