Overlooking the principles of effective recordkeeping can turn a high-value program into a high risk situation when the organization is suddenly faced with a government audit or unexpected litigation. This important survey report examines a variety of recordkeeping best practices organizations have implemented that are helping them meet important business priorities. This report examines how an effective records program is critical for effective governance, risk management, litigation preparedness, reputation protection and strategic decision making. The findings spotlight the extent to which companies are adopting industry-accepted best practices and principles in their records management programs, challenges they are experiencing and untapped opportunities for advancing their recordkeeping to a higher level. Organizations are recognizing that recordkeeping is fundamentally linked with their success. It is also clear that a significant number of companies have put in place best practices ó such as implementing a retention schedule and assigning a senior executive who is responsible for the program ó to help ensure that their records are managed effectively. Adhering to these principles of effective recordkeeping enables companies to ideally maintain programs that provide high value. This survey report finds that such programs help support day-to-day operations including key activities such as budgeting and financial planning, and they document compliance with applicable laws and industry regulations. Our findings also indicate, however, that a significant number of organizations have records programs that are not leveraging certain best practices and as a result, may be putting the company at risk.
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