������Ƶ

A Records Retention Policy sets clear rules for how long your organisation must keep different types of documents and when you can safely destroy them. It helps Kiwi businesses comply with key laws like the Public Records Act and the Companies Act, which require specific records to be maintained for set periods.

These policies protect organisations by ensuring important documents are available when needed for audits, legal cases, or tax purposes. They also help save storage costs by identifying which records you can confidently dispose of. For regulated industries like healthcare and financial services, having a proper retention policy is essential to meet strict compliance requirements under NZ law.

Your business needs a Records Retention Policy when handling sensitive information or facing regulatory oversight. This policy becomes essential for NZ companies managing employee records, financial documents, or client data���especially in sectors like healthcare, finance, or government contracting where strict recordkeeping rules apply.

Use it to guide your team during major changes like office relocations, digital transitions, or merger activities. It's particularly valuable when preparing for audits, responding to information requests, or managing storage costs. Having this policy in place before a crisis hits helps protect your organisation from legal issues and ensures compliance with Privacy Act requirements.

• Audit Retention Policy: Focuses specifically on maintaining audit-related documents, working papers, and financial records as required by NZ auditing standards.
• Contract Retention Policy: Specialises in managing commercial agreements, procurement documents, and vendor relationships under NZ contract law.
• Corporate Retention Policy: Comprehensive policy covering all corporate records, including board minutes, shareholder documents, and company filings required by the Companies Act.

• Legal Teams: Create and update the Records Retention Policy to ensure compliance with NZ privacy laws and industry regulations.
• Records Managers: Oversee daily implementation, train staff, and monitor adherence to retention schedules.
• Department Heads: Ensure their teams follow the policy and flag any unique record-keeping needs for their area.
• IT Staff: Manage digital storage systems and implement automated retention rules.
• External Auditors: Review policy compliance during audits and assess recordkeeping practices.
• Compliance Officers: Monitor policy effectiveness and coordinate updates with regulatory changes.

• Record Types: List all document categories your organisation handles, from employee files to financial records.
• Legal Requirements: Review NZ laws affecting your industry, especially the Public Records Act and Privacy Act.
• Storage Systems: Document your current physical and digital storage methods and capacity.
• Department Input: Gather feedback from each team about their specific record-keeping needs.
• Retention Periods: Research minimum retention timeframes for each document type in your sector.
• Disposal Methods: Define secure destruction procedures for both paper and digital records.
• Implementation Plan: Create a timeline for rolling out the policy and training staff.

• Purpose Statement: Clear explanation of policy objectives and scope of record management.
• Retention Schedule: Detailed timeframes for keeping different document types, aligned with NZ law.
• Privacy Compliance: Procedures for protecting personal information under the Privacy Act 2020.
• Storage Requirements: Standards for secure document storage, both physical and digital.
• Disposal Procedures: Methods for secure destruction and documentation of disposal.
• Roles and Responsibilities: Who oversees policy enforcement and compliance monitoring.
• Legal References: Citations of relevant NZ legislation affecting record retention.
• Review Process: Schedule for policy updates and compliance assessments.

A Records Retention Policy differs significantly from a Data Retention Policy in several key ways. While both deal with information management, they serve distinct purposes and cover different aspects of organizational records.

• Scope of Coverage: Records Retention Policies cover all business records including physical documents, while Data Retention Policies focus specifically on digital information and electronic data.
• Legal Framework: Records Retention Policies align with broader NZ business laws and the Public Records Act, while Data Retention Policies primarily address Privacy Act and cybersecurity requirements.
• Implementation Focus: Records Retention emphasizes document lifecycle management across departments, while Data Retention concentrates on digital storage systems and IT infrastructure.
• Compliance Requirements: Records policies typically involve physical storage standards and disposal procedures, while data policies focus on encryption, backup protocols, and digital security measures.