The document outlines 7 steps to create an effective record storage and management plan: 1) Completely inventory all records, 2) Select the best storage method such as offsite, DMS, or cloud, 3) Decide who will manage the plan, 4) Develop retention and destruction schedules, 5) Create a disaster recovery plan with backups, 6) Document plan procedures, 7) Train employees and implement the plan while maintaining it over time. The goal is to safely and legally store records for as long as needed before destroying them.

1. Record
Storage and
Management:
Create an Effective
Plan in 7 Steps

2. Let’s learn from previous companies’ mistakes
Why Focus On Storing &
Managing Records Anyway?

3. Morgan Stanley Learned It
the Hard Way
In 2017, banking giant Morgan Stanley was
fined $13 million—partly for failing to preserve
and maintain their client records properly

4. Fear-Based Storage &
Management Plans
There’s danger in keeping records forever

5. “Perhaps too much of everything is as
bad as a little.”
—Edna Ferber
“

6. Hanging On Too Long
Seeing Morgan Stanley, many companies create
plans to keep records indefinitely.
Unfortunately though, keeping more records also
has some potential side-effects:
◎ Greater odds of one being stolen or lost
◎ Higher cost of total record storage
◎ Other legal risks such as privacy rights violations

7. What Is an Effective Record
Storage & Management Plan Then?
Let’s go over what goes into a solid storage
and management plan

8. Effective Plan Components
Figuring out what
records need to be
kept—and for how
long
Planning how and
when you’ll shred and
dispose unneeded
records
Preparing a plan for
when disasters
(hopefully don’t)
strike

9. 1.
Completely Inventory All
Company Documents
Let’s begin with the basics

10. Know What You’re Dealing With
Before you put processes and
plans in place, you need to
know how much you have to
handle
By doing a complete inventory
of all the records you have to
manage, you can develop the
best plan to handle your needs

11. Organize Different Record Types
Financial documents, client
files, and employee records all
need to be stored and retained
for different amounts of time
Organizing different types of
records right off the bat helps
to simplify managing records
down the road

12. 2.
Select the Best Way to
Store and Manage Records
Let’s go over your options

13. Storage and Management Types
Offsite
Hard-copy storage
at an offsite records
management facility
for files requiring
paper copies
DMS
Paperless document
management system
software for scanned
and converted digital
files
Cloud
Internet-based
record storage and
management for
remote access to
digital records

14. 3.
Decide Who Will
Manage Your Plan
Let’s look at the processes to consider

15. Choosing Who and What to Manage
There’s a few things to determine:
what processes need managing, and
who will handle it
Many hire a records manager to
maintain organization and retention
schedules
A DMS and cloud storage can track
and maintain these automatically, but
both need someone to take care of
records’ eventual disposal

16. 4.
Develop Records Retention
& Destruction Schedules
Let’s go over the lifespan of a record

17. Retention & Destruction Plans
◍ Auto Insurance Claims: 10 years
◍ Bank Statements: 7 years
◍ Payroll Checks: 7 years
◍ W-2 Forms: Permanent
Different types of records all require different retention
times. Some of the most common examples include:
Once records pass their retention times, they need to be
shredded and destroyed to avoid both security risks and
privacy rights violations

18. 5.
Create Your Disaster
Recovery Plan
Let’s figure out what to do when disaster strikes

19. Disaster Recovery Strategies
Digital Backups
Data is backed up, encrypted,
and then stored on external
hard drives where it can be easily
implemented but still secure and
separated from potential risks
Tape Backups
Data is backed up to a microfilm
roll, and then stored in a
locked and climate-controlled
external location to avoid
fire and moisture damage

20. 6.
Document Proper Plan
Procedures
Let’s put it all together

21. Get Everything Down On Paper
Now that you have a plan for how you’ll store and
manage your records, you need to get the step-by-step
procedures down on paper for training and
implementing—just think of it as your instruction manual

22. 7.
Training, Implementing,
and Maintaining Your Plan
Let’s finish with putting your plan into action

23. Maintaining
Implementing
Training
Instruct your employees according to your new procedure
manual
Document any plan issues or inefficiencies with regular
process updates and audits, and keep improving as you go!
Get started by making sure your records managers are ready, your
system is secure, and then simply following the steps in your plan

24. Need Storage for
Managing Records?
Find storage options for an effective digital or paper record
management plan when you visit Record Nations Today!