Retention of business records should PRIMARILY be based on:

Retention of business records should PRIMARILY be based on:

Retention of business records should PRIMARILY be based on:

A.
business strategy and direction.

B.
regulatory and legal requirements.

C.
storage capacity and longevity.

D.
business ease and value analysis.

Explanation:

Retention of business records is generally driven by legal and regulatory requirements. Business
strategy and direction would not normally apply nor would they override legal and regulatory
requirements. Storage capacity and longevity are important but secondary issues. Business case
and value analysis would be secondary to complying with legal and regulatory requirements.



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rk

rk

Business strategy would be the driving factor because it may require documents retention due to the nature of the business. Say Legal requirement is to retain 10 years but the business requires to retain for 20 years.
Hence in this case Business strategy will be the primary reason to retain documents

Salim Husain

Salim Husain

Business Strategy could be a reason for retention of document retention however legal and regulators are more binding especialy if they articulate the longer retention than the current business requirement.In short we can say, the stricter will be applicable.

ali imran

ali imran

i dont think thats right , it should be business strategy

Anon

Anon

The answer is B. The Law outweighs business needs which is a PRIMARY driving force for record retention.

ZBo

ZBo

I think it should be business strategy because 1) understanding legal requirements should be a part of business strategy and 2) businesses usually have plans to retain records for business purposes before they even understand the regulatory requirements. The legal requirements would mean nothing if the business was unable to operate.

an0n

an0n

Law states what should be minimum requirement. It is up to the businesses to retain anything above that minimum bar. So if you want to keep 20 years, that is 10 years more than what the legal recommendation is, then it is fine.

So legal comes first, business comes next.