The Objective of Records Lifecycle Management and Its Importance in Information Governance

Records lifecycle management (RLM) is a critical practice in information governance that helps organizations control the quantity and quality of records while simplifying the processes involved in records maintenance and use. This systematic approach ensures that records are effectively managed from creation to disposition, thereby enhancing organizational efficiency and compliance.

Control the Quantity and Quality of Records

One of the primary objectives of RLM is to control the quantity and quality of records in an organization. This involves regularly reviewing and pruning records to ensure that only relevant and necessary documents are retained. Maintaining high quality records not only improves the accuracy of information but also reduces storage costs and management complexity.

Simplify the Activities, Systems, and Processes of Records Maintenance and Use

An important aspect of RLM is simplifying the activities, systems, and processes related to records maintenance and use. This includes optimizing workflows, integrating systems, and streamlining procedures to make it easier for employees to manage records. Simplification leads to increased efficiency and reduces the risk of errors or omissions in document handling.

Identify What Records Exist by Records Inventory

To effectively manage records, organizations must first identify what records they have. This is achieved through a comprehensive records inventory, which involves cataloging all types of records and tracking their location, status, and retention periods. A robust records inventory helps in maintaining a clear view of the organization's document landscape, enabling better control and compliance.

Apply Required Retention Periods to Stored Items

One of the key objectives of RLM is to apply the appropriate retention periods to stored records. This ensures that records are retained for the necessary time to fulfill legal, regulatory, or business requirements and then destroyed or archived appropriately. Proper retention ensures compliance with legal requirements while preventing unnecessary storage and cost.

Develop and Administer Policies

Developing and administering policies is another crucial aspect of RLM. Effective policies provide guidance on how records should be created, maintained, used, and disposed of. These policies should be tailored to the organization's specific needs and must be regularly reviewed and updated to reflect changes in legislation, technology, and business practices.

Implementing an effective RLM program is essential for organizations looking to enhance their information governance. By controlling the quantity and quality of records, simplifying maintenance and use, ensuring all records are identified through a comprehensive inventory, applying proper retention periods, and developing robust policies, organizations can achieve significant operational and compliance benefits. RLM not only helps in maintaining order but also fosters a culture of accountability and transparency within the organization.