The Corporate Retention Policy serves as a crucial governance document that ensures organizations maintain their records in compliance with Singapore's regulatory framework. This policy is essential for managing business records, protecting sensitive information, and meeting statutory obligations under various laws including the PDPA and Companies Act. It provides clear guidelines on how long different types of records should be retained, methods for secure disposal, and procedures for legal hold situations. The policy is particularly important given Singapore's emphasis on corporate compliance and data protection.
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1. Purpose and Scope: Defines the objectives and scope of the retention policy, including legal compliance requirements
2. Definitions: Defines key terms used throughout the policy including record types, retention periods, and disposal methods
3. Roles and Responsibilities: Outlines roles and responsibilities of stakeholders in implementing and maintaining the policy
4. Record Classification: Details the categories of records and their retention requirements based on legal and business needs
5. Retention Schedule: Specifies mandatory retention periods for different types of records as per Singapore law
6. Disposal Procedures: Describes methods and procedures for secure disposal or destruction of records
1. Electronic Records Management: Include when organization maintains significant electronic records, covering digital storage and preservation requirements
2. International Data Transfer: Include when company transfers data across borders, addressing international compliance requirements
3. Industry-Specific Requirements: Include for regulated industries such as banking, healthcare, or financial services with specific retention requirements
1. Schedule A - Retention Schedule Matrix: Comprehensive table listing all record types and their specific retention periods
2. Schedule B - Disposal Log Template: Standard template for documenting record disposal activities
3. Schedule C - Legal Hold Procedure: Detailed procedures for implementing and managing legal holds on records
4. Schedule D - Record Classification Guide: Detailed guide for classifying different types of records and their retention requirements
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