"Retention periods" refer to the legally established periods during which certain documents or records must be retained before they can be destroyed or archived. These periods may vary depending on the type of documents and the applicable legal requirements. They serve to ensure that important records are retained for a certain period to comply with legal provisions, support potential legal disputes, or preserve historical records.
Typical functions of software in the "retention periods" area include:
Automatic retention management: The software allows users to set and automatically track retention periods for various types of documents or records.
Notifications and reminders: The software sends notifications or reminders to users when documents are approaching the expiration of their retention period, enabling timely action.
Archiving and deletion: The software supports the automatic archiving or deletion of documents after their retention period expires according to established guidelines.
Audit trail: The software ensures the audit trail of retained documents by ensuring they remain unchanged throughout the retention period and are protected from unauthorized access.
Compliance reporting: The software provides features to generate reports on compliance with retention periods and other legal requirements to document compliance with regulations.
Customizable policies: Users can customize retention period policies based on the specific requirements of their organization or applicable laws and regulations.