Record Retention (Case Study Sample)

Record retention
Name
Institutional Affiliation
Introduction
A record refers to any media that contains data, made or received by the organization that is evidence of its activities and operations. It often has a varying value requiring retention for a specific period. There are many forms of records, such as email correspondence, spreadsheets, and reports. Record retention initiatives and technologies can be identified by information lifecycle management, and records and information management (McGovern et al, 2009).
Under Armour, is the company of my choice? This company is best known for clothe and shoe production to suite most sportsmen. The company has to keep a couple of its information for its upkeep in the future. It often makes good use of the record retention policy, and that’s why I saw it as my best organization.
Goals and accountabilities
The goals of a record retention are often long term. These goals are associated with the history of the organization. These goals are in line with the data keeping of the company that play a vital role in the future of the company. Under armour has both long-term and short-term goals to meet, and they are engineered by the records retained by the company. The company in turn has to be accountable for the goals and objectives it set. In future, the company management has to be responsible for the goals it set some time back.
Categories of data
It refers to the various groups of data present in the organization. Categorizing data is essential in order to retrieve data for a particular characteristic quickly. There are numerous categories of data depending on the main subject. They include personnel record, tax records, and payroll of the employees. These types of data are based on the human resource of the organization.
Payroll- it retains data on the payment status of all the employees for future reference. It helps to understand the payment records of the workers and note the rate of appreciation of their payments.
Tax records- this keeps data on the amount of tax incurred on the employees’ payment and any other charges like loan payments.
Personnel record- here, the number of workers in the organization is recorded for defined periods of time (Stuart et al, 2009).
Record retention policy
A record retention policy methodology should be paired with other frameworks to help ensure that as many parts that might have an influence on your company are considered. For example:
In developing a record retention policy in the under armour company, it is important to understand for how long the information is going to be of help. In the first step, it is vital to define the goals and accountability associated with record retention. Under armour sets the goals of the record retention that they should give an account of it as time progresses.
In policy making, you should then define the category of the data subject. Say under armour is keeping a record of its personnel, and then it should categorize the record retention accordingly. The schedule of the retention is then defined, and this is done by the category of data. In most cases, the policy developed by under armour regarding record retention should have cross-functional input into the policy.
The next step is then approval by a legal council.
A variety of perspectives and knowledge is necessary to ensure the completeness of the record retention policy. Specialists of compliance should be employed to define requirements and help develop the plan. In addition to the compliance specialists, business managers should be involved in the development of the record retention policy to ensure that the system doesn’t impede business processes.
Monitoring procedures
It refers to the administration process of the policy to ensure it works best for the company. It encompasses various processes that include;
Record retention schedule.
Authority and responsibility of the records administrator.
Distribution of policy to employees and officers.
By following these methods, the company is able to monitor the progress made by each unit of the company. Through these procedures, the company can also revise its various processes and replace them with more profitable processes. Therefore, it is important for record retention procedures to be followed in order to monitor the company’s progress
Conclusion
In general, under Armour Company uses record retention as a way of monitoring its progress. Through the objectives retained in the various types of records, it has been possible for the company to control the rate at which it is meeting its objectives. Therefore, the company has the responsibility of keeping the data of every compartment of the business structure. After that they have to follow up the performance of the each unit and evaluate the whole business. Record retention has played a key role in the growth of this company and they always strive to improve their future ways of record ...