Solutions
Financial Services Package
Most companies in the financial services industry rely on retention schedules provided or developed by third parties that benefit economically from retaining data longer. Often, the laws and retention periods reflect businesses far afield from financial services — significantly bloating the amount and duration of retention. Some companies extend their retention periods because they have been unable to reliably determine what is subject to legal holds, so they keep everything as long as the longest lawsuit. In both scenarios, over-retaining data leads to much higher operating costs and to far greater complexity in discovery and preservation. More unneeded information does not make it easier to preserve and collect relevant information.
The financial services kit, developed in concert with a very large, global financial services firm and a leading law firm, provides legally sound retention periods for U.S. records and information specific to the broad financial services industry. It is an off-the-shelf industry standard tuned to work immediately with Atlas ERM and Atlas LCC to enable companies to keep only what they need to — nothing more, nothing less.
Rapidly Revive Information Retention Best Practices
With these templates and legal citations as a starting point, companies can:
- Have a sustainable retention program that is based on actual law and which provides immediate business value by reducing rather than adding cost
- Cut months or even years out of their program development by starting from the “best practice” working model. An elegant review process enables fast tailoring to each individual business
- Legitimately reduce the average retention periods and the amount of data retained by linking retention rules directly with applicable laws
- Enable records coordinators across the business to quickly conduct their own departmental inventories of records by selecting those that apply from the corporate "catalog" of record classes, document their local procedures for managing their records, and initiate changes and additions online for routing and approval by authorized legal reviewers or program managers
Calculations done by Citigroup showed that this precision reduced the prior average retention period, in general, from almost 12 years to 3 years across their 288 classes of records — a significant and recurring savings for the company.
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