Be it for personal or legal, financial, or historical purposes your company needs to keep different types of files for different periods of time.
The key to tracking this data is to have a robust file retention solution that helps your business implement the correct file retention strategy for each type of file. With FileCloud, you can create and manage an unlimited number of file retention policies according to your organizational needs. But how do you do it effectively?
What Is File Retention?
File retention is the process and/or policy of retaining digital or physical files for a specific amount of time. The duration of time can be determined by organizational needs, legal requirements, or other conditions.
Once the file retention period is up, the files can be deleted or archived according to the file retention strategy.
For example, businesses in the healthcare industry are required to keep patient files for 6 years.
While file retention may not seem like a pressing issue, it is important to comply with the relevant laws and regulations. Not doing so could result in hefty fines.
With the right file retention policies in place, data control and record retention compliance can be delivered for files and folders in the cloud.
As per business file retention guidelines, the FileCloud file retention policy is created and stored along with the files. Depending on what actions the administrators need to take with the files, a set of rules are defined in the policy, making it easy for automation and manipulation of files or folders.