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Document Retention Policy

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For the Record: Drafting and Implementing an Effective Document Retention Policy
If Lakewood does not currently have a document retention policy, it might want to develop one. This policy would help instruct employees how they should manage company data from creation through destruction. Failure to preserve documents for an adequate period of time or storing information that is no longer needed may present certain legal risks. Here are ways a document retention policy can help:
• Helps clarify for employees which records may be discarded and when.
• Helps protect records that may be relevant to a pending or future lawsuit or government investigation from destruction.
• Encourages disposal of unnecessary files before they become a liability

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