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19 ] Records Management Records Management is about preserving assets At the heart of Records Management is the idea that records are retained and preserved to ensure that information is available for continued use and reuse. The required retention time for records varies widely. While the majority of records typically have only short-term value and are ultimately destroyed, most organizations also have a category of records, often representing a fairly large fraction of their total number, that need to be retained and preserved for long-term financial, historical, or cultural reasons.

Records contain information that is used for making business decisions. Lifecycle instructions get assigned to records that describe how long the record should be stored and how to dispose of the record at the end of the lifecycle. [ 13 ] Records Management Document Management Records Management Static versus Dynamic Records are generally static and are Documents can be very dynamic not intended to be altered unless and support frequent revisions and and until the lifecycle of the record updates.

It is not uncommon for certain types of records to fall under multiple authorities. Sometimes, even the policies suggested by two relevant Authority Documents will conflict. Typically, the conflict is with the length of the document retention period. In those cases, the longer of the two specified retention periods is typically used. But it is important to document the reasoning used in compiling the retention policies that you ultimately implement. [ 16 ] Chapter 1 Without knowing what Authority Document requirements your organization is bound by, it isn't possible to fully set up and configure your Records Management System.