Data Retention
Data retention refers to how long specific types of information are stored, whether for regulatory, legal, operational, or historical purposes. It defines what needs to be kept, what can be deleted, and when each action should occur.
In banks and credit unions, data retention policies apply to everything from loan documents and HR records to intranet content like policies, forms, and internal reports. Having a clear retention plan helps institutions meet compliance requirements while avoiding unnecessary storage risks or clutter.
Why It Matters
Keeping data too long can pose a security risk. Deleting it too soon can violate regulations or hinder internal investigations. A well-managed data retention strategy ensures you're retaining the right records for the right amount of time - and disposing of them responsibly afterward.
Examples of Data Retention in Action
- Archiving retired policies but keeping access logs for 5 years
- Deleting expired training records after retention window ends
- Flagging outdated content for review or removal annually
- Maintaining forms or reports to support compliance audits
How SimplifyIT Helps
- Content expiration and review scheduling for all pages
- Search and filtering tools to identify aging or stale content
- Audit trails for document activity, even after archiving
- Support for custom retention workflows per content type
Explore how SimplifyIT helps manage retention and reduce risk