GDPR Data Retention Schedule With Template

Data Retention Schedule

A data retention schedule is a tool that helps organizations keep track of the data they collect and process. It includes information on what data to keep, for how long, and in what format.

The schedule should be reviewed and updated regularly to ensure that it meets the organization's needs and complies with applicable laws and regulations.

A data retention schedule can be valuable for organizations of all sizes. It can help them save time and money and protect their reputation.

Why is Data Retention Schedule Implemented?

Data Retention Schedule is designed to ensure that data is stored for a minimum period to be accessed when needed.

The Schedule sets out the minimum retention periods for different types of data, considering the sensitivity of the data and the purposes for which it is used.

There are many reasons why a Data Retention Schedule is implemented.

They are:

• Ensure that data is available when it is needed for business or legal purposes. A Data Retention Schedule allows businesses to plan for the retention and disposal of data efficiently and effectively.
• A data Retention Schedule reduces storage costs, minimizes data loss risks, and complies with data protection laws and regulations.

Importance of Data Retention Schedule

A data retention schedule is a document that outlines how long certain types of data should be kept and when they can be destroyed.

The duration for which data should be retained depends on various factors such as business requirements, compliance obligations, and legal hold requirements.

Therefore, organizations must consider these factors carefully while developing their Data Retention Schedule.

A well-defined and well-implemented Data Retention Schedule can help organizations save significant money and resources by allowing them to delete obsolete and unnecessary data.

It can also help organizations reduce the risk of data breaches and leakage.

The importance of Data retention schedule are:

• They ensure that sensitive and confidential information is kept for a short time.
• They help to free up space on servers and other storage devices.
• They help to protect against data breaches and unauthorized access to information.
• They ensure that data is available when it is needed for legal or regulatory purposes.

Process of Data Retention Schedule

The process of a Data Retention Schedule (DRS) is the creation of a system that will track, monitor, and manage an organization's data.

They are : 

• The system will help to ensure that data is protected and properly disposed of when no longer needed.
• An organization's data retention schedule will be based on the type of data being collected, the legal requirements for that data, and the organization's internal policies.
• The schedule should be reviewed and updated regularly to ensure that it is current and reflects the latest changes in the organization's data.
• The process of data retention schedule is a critical part of any organization's data management strategy. Organizations can protect their data and avoid legal and compliance issues by properly managing and disposing data.

Procedure of Data Retention Schedule

A data retention schedule is keeping specific data for a set period and then destroying it. This is done to comply with laws and regulations, improve efficiency, and protect the privacy of individuals.

The process of data retention schedule usually involves four steps:

1. Collection: The data is collected from various sources.
2. Storage: The data is stored in a secure location.
3. Retrieval: The data is retrieved when needed.
4. Destruction: The data is destroyed after a set period.

Retention Schedule Hierarchy

The Retention Schedule Hierarchy is a framework for organizing and managing records. It is a flexible tool that can be used to create, delete, and modify retention schedules.

The Hierarchy is made up of 6 levels:

1. Company.
2. Division.
3. Department.
4. Record Type.
5. Gender.
6. Data Format.

Benefits of the Data Retention Schedule

Data retention schedules are vital for ensuring that data is kept for as long as it’s needed and disposed of correctly when it’s no longer required.

They can also help organizations save money by reducing the storage space needed for data that isn’t used regularly.

• They can also help organizations save money by reducing the storage space needed for data that isn’t used regularly.
• Data retention schedules are vital for ensuring that data is kept for as long as it’s needed and disposed of correctly when it’s no longer required.

Responsibilities of Employees in Data Retention

An employee's primary responsibility is to understand the organization’s data retention policy and follow it. Employees should know what data the organization retains and for how long.

They should also be aware of the organization’s procedures for destroying no longer needed.In the data retention policy, employees should ensure that the data they create is accurate and complete.

This is important because accurate or complete data can lead to problems down the road, such as when the data is needed for a legal case or an audit.

Finally, employees should be aware of the security measures to protect the data being retained. In addition, they should understand the importance of keeping the data secure and the consequences of a data breach.

Documentation of Data Retention Schedule

Data Retention Schedule (DRS) is a document that outlines the specific length of time that various types of data must be retained.

This schedule is designed to ensure that all data is kept for the minimum necessary time while complying with legal or regulatory requirements.

The DRS is essential for organizations to manage their data more effectively. It can help reduce the amount of data stored unnecessarily and ensure that critical data is kept for the appropriate amount of time.

• This process includes purging data from all storage locations and backing up data to a secure location.
• This is to provide a high-level overview of the data retention schedule that has been put in place for the organization. This schedule includes an inventory of the collected data types, how long they are to be retained, and where they are stored.

Data Retention Schedule Template

Data Retention Schedule Template contains various details like:

• Record Name.
• Retention Period.
• Legal basis for processing.
• Responsible for Storage.
• Storage Location.

Retention Period

• Employee Records is 6 years.
• Payroll Records is 7 years.
• Client Records is till the client requests the deletion of the data.
• Corporate Records are permanently stored.
• Accounts and Finance depends from 3 to 7 years.

Conclusion

Finally, a data retention schedule is a critical document that specifies how long an organization should keep various types of data before securely deleting it.

It assists organizations in meeting legal and regulatory requirements, avoiding unnecessary storage costs, and mitigating the risk of data breaches.

By implementing a robust data retention policy, organizations can protect themselves from potential legal and financial liabilities while maintaining a secure and organized data environment.