Recordkeeping Requirements

• Where do they come from?
• What are they?
• Why do they matter?
• How are they enforced?

Where do recordkeeping requirements come from?

Recordkeeping requirements come from a practical need to keep track of objects, obligations, agreements, and other evidence of transactions or business.

• Historical data:
  • Need to keep track of things (accounting, inventory)
  • Need to prove things (receipt of good, bills paid, land ownership, rights and obligations)
  • Need for precedent (how incidents or issues were handled in the past)
  • Need for accountability (who is responsible)

What are they?

• Types of Recordkeeping Requirements
  1. Voluntary – companies or organization may decided to implement to better implement a Records Management System.
     • Company policies
     • Company guidelines
     • Professional organization standards
     • Best practices
  2. Mandatory – companies or organizations are REQUIRED to comply.
     • Federal, state, local government records laws
     • Formal standards – International Organization for Standardization (ISO)

Why do recordkeeping requirements matter?

Recordkeeping requirements ensure that records are preserved and managed properly throughout their lifecycle, including compliance with set retention procedures. Records with historical, fiscal, and legal impact are accurately identified and preserved, and that non-essential records are discarded as is required by established guidelines.

Scope of Recordkeeping Requirements

• Requirements will address the record:
  • Creation/Capture
  • Content
  • Quality
  • Structure/Organization
  • Retention/Disposition
  • Disclosure/Accessibility/Protection

Recordkeeping Requirements (Laws)

Record laws vary depending on location or jurisdiction, the type of record based on the business activity, and the time frame.

Law (location/jurisdiction)

• International
• National
• State
• Local

Law (type of activity)

• Government
  • Government records definition:

    • Records include all books, papers, maps, photographs, machine-readable records, or other documentary materials regardless of physical form or characteristics, made or received by an agency of the U.S. Government under Federal law or in connection with the transaction of public business and preserved or appropriate for preservation by that agency or its legitimate successor as evidence of the organization, function, policies, decisions, procedures, operations or other activities of the Government or because of the informational values of data in them.

• Business
  • Generic
  • Domain Specific
• Not-for-profit
• Personal

Policies

Records policies establish principles, responsibilities, and requirements for managing records to ensure that the business or organization is in compliance with applicable laws. Policies may also describe how to meet industry standards and best practices. These policies ensure the records management system is administered appropriately in the best interest of the company and its stakeholders. Policies relate to the creation, maintenance, retention, release, inspection, reproduction and disposition of records.

Examples of Records Laws and Policies:

Fact Sheet on Recordkeeping Requirements under the Fair Labor Standards Act

Nicolet College Public Record Policy

State of Wisconsin Public Records Law Compliance Guide

Sarbanes-Oxley Act of 2002

Health Information Privacy Law

Best Practices

• Statements from laws, regulations, administrative rules, and established practice within different domains that define desirable model behavior
• Processes, practices, and systems identified in organizations that performed exceptionally well and are recognized as models for behavior

Standards & Best Practices

• Provide guidance for programs, functions, systems
• Promote interchange, interoperability, longevity
• Provide a basis for monitoring and compliance auditing

Standards Making Process

• Formal standards bodies (ISO)
• Voluntary standards bodies (professional associations like ARMA)
• Consortia and membership bodies
• Industry and trade associations

Practice

It is important to be knowledgeable of applicable laws, industry standards, and best practices when forming a Records Management System. The Records Manager should consult with the company’s legal counsel, accountants, operation managers and stakeholders before and during the creation, management and distribution of records management policies and procedures. Regular internal audits of the system should be conducted to ensure compliance to all applicable requirements.

Attribution: