Document Retention Policy Definition and Examples

Understanding Document Retention Policies for eSigning

A Document Retention Policy is a crucial component in the administration of electronic signatures and business operations. This policy outlines how long documents should be stored, the methods of disposal, and the compliance measures necessary to protect sensitive information.

What is a Document Retention Policy?

A Document Retention Policy mandates the duration for which records and documents—both paper and digital—should be retained. This policy ensures that an organization complies with legal, regulatory, and operational requirements. It serves as a guideline for the maintenance and eventual disposal of documents, balancing the need for retention with privacy and space constraints.

Why is it Important for e-Signing?

1. Legal Compliance: Various laws, such as GDPR and HIPAA, require businesses to retain documents for a specific period. A clear policy helps ensure these requirements are met.
2. Security: Proper retention minimizes the risk of data breaches by ensuring outdated and unnecessary documents are securely disposed of.
3. Operational Efficiency: Streamlined document retention policies make it easier to locate essential records quickly, thus saving time and resources.
4. Cost Management: By only retaining necessary documents, organizations can reduce storage costs, whether physical or cloud-based.

Examples of Document Retention Policy in Action

1. Financial Records:

   • Federal law might require keeping tax records for at least seven years.
   • Electronic signatures on financial documents must be stored securely for the same duration.

2. Healthcare:

   • Hospitals may need to retain patient records for a minimum of five years, requiring secure storage solutions to uphold these policies.
   • eSigned consent forms and patient agreements must be retained for the mandated period and then appropriately disposed of.

3. Corporate Agreements:

   • Business contracts often need to be retained for the duration of the contract plus several years.
   • eSigned contracts are retained in secure digital vaults that comply with document retention policies.

Implementing Document Retention Policies with GoodSign

GoodSign's eSignature platform supports effective document retention policies by providing robust storage options and seamless integrations. With GoodSign, you can:

• Automate Retention Schedules: Set automated reminders and actions for document review and disposal.
• Secure Storage: Ensure all eSigned documents are stored in compliance with policy requirements, using advanced encryption and access control.
• Simplify Eligibility: Pay only for what you use—$1.50 per envelope—with no additional costs for team members or feature usage.

Effectively managing document retention policies with GoodSign not only simplifies compliance but enhances operational efficiency and security. Start maximizing your document management today, with all the features and seamless integration you need—no complex subscriptions, just straightforward, pay-per-use pricing.