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Information Requirements Clearinghouse press release 12-12-2012
Retention Wizard delivers powerful business records retention tools to small- and medium-sized businesses
A highly sophisticated and easy-to-use new tool covering a myriad of government and industry-specific recordkeeping requirements delivers regulatory compliance and minimizes legal exposure
GREENWOOD VILLAGE, CO – Business record keeping is more critical than ever with the explosion of electronic information and a myriad of federal, state, local and industry-specific laws and regulations. A new product from the world leader in business records retention is bringing legally defensible records retention, in an easy-to-use form, to small- and medium-sized businesses for the first time.
For 26 years Information Requirements Clearinghouse has been the leading supplier of legal research, software and services for records retention schedule development. Their new Retention Wizard software delivers a highly sophisticated records retention tool that requires no training to smaller firms.
"For years, people have asked for an instant answer to determine what records need to be kept and for how long, but up until now an instant records retention schedule could not be delivered in a legally-responsible manner,” says Information Requirements Clearinghouse President, Donald S. Skupsky, considered one of the leading records retention gurus worldwide. “All of that changes with the new Retention Wizard, our new solution that brings a unique approach to records retention, and enables users to build a records retention schedule in a quick and legally-defensible manner."
Organizations must comply with thousands of U.S., state and local laws governing what records must be kept and how long to keep them, and these laws are steadily increasing in number. Not knowing the right answers to records retention requirements an industry is no longer optional in corporate governance or in fiduciary accountability. Keeping records too long is costly and risky, and not keeping them long enough would be disastrous.
Traditionally, assembling a retention schedule for a medium to large organization could take hundreds of hours of difficult legal research, plus time-consuming inventories, meetings and reviews. With Retention Wizard the initial process takes less than an hour, providing staff with no record management experience and training with the tools to produce credible results without the need to do the tedious legal research themselves.
"Retention Wizard provides the complete answer for many beginning users and will significantly help business owners and managers develop more professional records retention schedules in a very short period of time, without the normal learning curve," Skupsky adds. “For the larger, highly regulated companies, we also offer the more sophisticated Retention Manager and consulting service to provide more custom solutions and meet their special needs.”
Drawing on a vast database of statues, rules and regulations, and industry practice guidelines built by Information Requirements Clearinghouse over many years and updated frequently, Retention Wizard enables users to identify and describe the business records found in typical organizations. In addition, the tool helps companies know when to dispose of records no longer required, and even provides the supporting legal research for multiple jurisdictions to support the retention conclusion.
“One of the biggest concerns in records retention is disposing of records in a legally defensible manner,” says Skupsky. “Records may be subject to legal proceedings and discovery at trial; disposing of them properly and legally reduces the risk that companies may face in litigation.”
Retention Wizard is initially available in three editions: The General Business Records Edition for any type of enterprise, the Law Firm Edition specifically featuring record keeping areas and information for the legal profession, and the Insurance Edition that includes regulations from every state on insurance recordkeeping and special insurance records. Subscriptions for each edition of Retention Wizard include updates three times per year to track changes in laws and to maintain full compliance in records retention. Customers can order additional legal research for any of United States and territories in which they do business.
Retention Wizard walks users through a proven process in a few simple steps. Without any legal training or records retention experience, one can easily navigate through a series of interactive questions. Retention Wizard assembles the appropriate records series, legal research, retention time periods and records retention analysis into a fully documented set of reports. Once approved, the retention rules can be published as PDF reports or exported to a growing number of compatible records and content management systems.
Since 1984, Information Requirements Clearinghouse and its president, Donald S. Skupsky, JD, CRM, FAI, MIT, have been delivering a number of powerful legal research services and products for recordkeeping and records retention, enabling enterprises to manage and control important recordkeeping decisions. As a proven leader in the records retention industry, Information Requirements Clearinghouse also provides Retention Manager, the sophisticated records retention software for larger, highly-regulated companies, as well as customized consulting services.