Record Retention & Destruction Policies – A Must for Financial Institutions
Devise and implement an effective document retention and destruction program, combining people, processes and appropriate technology to meet not only compliance requirements, but various corporate goals and litigation hold requirements.
While retaining records is essential for a financial institution to meet regulatory, business and other legal requirements, destroying records is equally important.
In today’s environment, financial institutions must also identify the
electronic records that must be retained.
In developing a records retention and destruction policy, the financial institution must identify the make-up of the records retention committee, identify the records that must be retained, determine how to store, retrieve and destroy
the records and when and how to implement a “litigation hold.”
- How to create and implement a records and destruction policy
- Who should be a member of the records retention committee
- Which records should be retained
- How long should records be retained
- How to identify electronic records that must be retained, including email, text messages and social media
- How to efficiently store and retrieve records (including going paperless)
- When and how records should be destroyed
- The consequences of not storing, retrieving and destroying records
- When and how to implement a “litigation hold”
Senior bank officers, CFO’s controllers, operations officers, compliance officers, IT officers, records management, risk managers, bank counsel and auditors.
Phil Buffington, Partner, Adams and Reese LLP, has been practicing law since 1946 and has extensive experience representing financial institutions in regulatory matters, creditor bankruptcy, corporate, commercial law mergers and acquisitions and securities law. He also has experience in general commercial litigation, in particular mediation and arbitration, in state and federal courts and federal agencies.
Paul A. Carrubba, Partner, Adams and Reese LLP, focuses primarily on banking law and legal issues dealing with payment systems and operations issues. He serves as a litigation consultant and expert witness in matters keeling with banking procedures. He has over 43 years of experience as a bank operations manager, consultant and attorney. He is the author of six books on banking and banking law.
Jack Pringle, Partner, Adams and Reese LLP, focuses his practice on privacy, information security and information governance for financial institutions, healthcare providers, public utilities and other businesses. Pringle has obtained the CIPP-US designation from the International Association of Privacy Professionals (IAPP) and advises clients on the retention, collection, management and production of electronically stored information (“ESI”). He conducts regular seminars and workshops on numerous topics, including privacy, data security, information governance, ESI, social media and the effective use of technology.
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