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This guide reveals exactly which business records to keep and for how long.
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Electronic records are crucial for nearly every organization in today’s digital age. However, managing them comes with significant compliance and legal challenges. This article will guide you on maintaining compliance to avoid legal risks, financial penalties, and reputational damage while adhering to best practices.
Laws and regulations governing electronic records vary by location and industry. For example, the General Data Protection Regulation (GDPR) sets strict data privacy rules in Europe, while the California Consumer Privacy Act (CCPA) protects consumer rights in the U.S. Organizations must understand which regulations apply to them to avoid compliance risks.
In the US, two important laws are the Electronic Signatures in Global and National Commerce Act (ESIGN) and the Uniform Electronic Transactions Act (UETA). These laws ensure electronic signatures and transactions are legally valid, meaning electronic records must also meet certain standards. Additionally, industry-specific regulations like HIPAA for healthcare and SOX for financial reporting have specific requirements for managing records.
A serves as the backbone of compliance. It should:
Download our record retention policy here
A major compliance concern is protecting confidential, privileged, secret, and classified records. Strict access controls are necessary. This includes:
Different records require different retention periods and disposal methods. A comprehensive business records management program dictates appropriate timelines for removing duplicate or irrelevant records. Failure to follow standards or properly dispose of private information may violate HIPAA, leading to significant repercussions.
Download our record retention schedule here
Protecting data accuracy matters legally and operationally. In regulated areas like pharmaceutical data management, following US FDA 21 CFR Part 11 is critical for record keeping. It mandates audit trails to document record modifications, improving compliance. In other sectors, validation involves data accuracy procedures to build credibility. Failure to maintain data integrity can have severe consequences, including legal disputes or violating the Sarbanes-Oxley Act if financial information is altered due to incomplete recordkeeping.
Identify where electronic documents exist, how business records are stored, and your compliance burdens. This assessment should occur before purchasing software. Evaluate current process struggles, potential scalability problems, software and format compatibility, and needed processes for a successful records management system.
Invest in solutions with built-in legal safeguards. Choose records management software that aligns with your organization’s requirements, considering data protection and regulations that apply to digital format information. The right software can facilitate implementation, data security, and lifecycle management.
Provide regular employee training to support compliance standards. Electronic records compliance requires establishing proper usage policies and maintaining records appropriately within the software solution. As staff regularly engages in information processing, training helps maintain document integrity. Consistent oversight and proper compliance rely on educated employee use and correct software handling within a wider records management system or company records program.
Compliance and legal considerations in electronic records management are ongoing processes. Successfully managing electronic records involves awareness, a defined strategy, and proper technology integration.