What is Records Management?

Records management is an organized approach to the administration of documents throughout their life cycle. These activities address the creation, classification, storage, and disposition of records. The documents administered through records management include anything produced as the result of a business transaction. Examples of the records that may be managed include paper documents, audio and video recordings, emails, and instant message logs.

The Records Management Process

The process followed to properly manage the records of a business is as follows:

Either create the records or receive them from an outside party. In either case, the records should be assigned a unique identification number. They must also be designated as being retained for a certain period of time, or to be kept in perpetuity.
Protect the records. This may involve copying the records to a more durable form of storage, or putting them in a robust storage container.
Store the records. This involves placing the records in a cost-effective location, which represents a balance between expensive on-site storage and inexpensive off-site storage.
Dispose of the records. On the predetermined dates, dispose of the records using a method that will not interfere with data privacy, such as shredding physical documents.

Advantages of Records Management

There are multiple advantages associated with operating a records management system. These advantages include the following:

More efficient business processes. By engaging in records management, a business will experience smoother business processes that are not delayed by missing documents.
Easier audits. A records management system results in easy access to information for compliance audits, regulatory audits, and lawsuit-related inquiries.
Preserves institutional knowledge. In an environment where there is a high level of employee turnover, proper records management can represent an essential source of institutional knowledge.
Enhanced disaster recovery. With a well-run records management system, you will be in a better position to recover data during a disaster. This can aid in the restoration of business processes.
Cost reductions. With a well-organized records management system, you can eliminate the costs associated with searching for lost records.