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Records Retention Review

Our client's previous Records Retention Schedule lost effectiveness when the business realised it was funding a year-on-year growth of data held in offsite stores. We were asked to review the situation and to deliver new processes.

 

Background

Our clients historic physical archive process included the use of a retention schedule to 'cull' technical and non-technical data.

Business Challenge:
The true effectiveness and relevance of the archive process became questioned when it was apparent that the Business was funding a larger-than-expected year-on-year growth of data held in offsite storage facilities. It was found that the schedule was poorly upheld and in most instances did not reflect current business processes.

The period for retaining original records by any company is defined either by business or operational needs, or as a critical factor in complying with specific legal, statutory and regulatory requirements. Our client needed a Record Retention Schedule to identify and isolate legal, financial, technical and commercial information that should be either moved to secure confidential storage, or else destroyed.

Adapt to Change:
This was an opportunity to ensure that our client saved costs by only retaining records where there was a clear business need, or compliance reason to do so. Because Venture is focused on delivering value, we advocated a process for creating a bespoke schedule of maintenance that allowed our client to adapt to changes within the company and in external legal, statutory and business regulations. We helped develop an ongoing process for maintaining the records retention schedule, thereby eliminating any duplication of cost and effort in the future.

 

Outcome

The schedule defined the retention period or review date for each type of record created within the business. It ensured that all measures were taken to safeguard our client’s data as a valuable corporate asset and ensure they met with any legal obligations. The outcome of the project also delivered:

  • A more valuable data store
  • A reduction in storage costs
  • Corporate legal, statutory and regulatory compliance
  • An effective business tool for all those involved in the process of archiving corporate data.

Client Spotlight

BP
BP

From advisory services and data management through to EIM, Venture has delivered a wide range of Information Management solutions to BP’s upstream business