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Corporate Retention Policy

Corporate Retention Policy Template for Philippines

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Key Requirements PROMPT example:

Corporate Retention Policy

"I need a Corporate Retention Policy for a mid-sized fintech company operating in the Philippines, with specific focus on electronic records management and cross-border data transfers to our Singapore office."

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Document background
The Corporate Retention Policy serves as a crucial governance document for organizations operating in the Philippines, establishing standardized practices for managing corporate records in accordance with local laws and regulations. This policy is essential for ensuring compliance with various Philippine legislative requirements, including the Corporation Code, Data Privacy Act, Electronic Commerce Act, and industry-specific regulations. It provides detailed guidance on retention periods, storage methods, and disposal procedures for different types of corporate records, while addressing both physical and electronic documentation. The policy is particularly important given the increasing complexity of data management requirements and the need to balance business efficiency with legal compliance and risk management.
Suggested Sections

1. Purpose and Scope: Defines the objective of the policy and its application across the organization

2. Policy Statement: High-level statement of the organization's commitment to proper records management and compliance

3. Definitions: Clear definitions of key terms used throughout the policy, including types of records, retention periods, and disposal methods

4. Roles and Responsibilities: Defines who is responsible for implementing and maintaining the policy, including specific roles like Records Manager, Department Heads, and IT

5. Record Classification: Framework for categorizing different types of records and documents

6. Retention Requirements: General principles and requirements for retention periods, including legal and business requirements

7. Storage and Protection: Requirements for secure storage of both physical and electronic records

8. Disposal and Destruction: Procedures for proper disposal of records, including methods and documentation requirements

9. Legal Hold Procedures: Process for suspending normal retention periods when litigation or investigations are pending

10. Compliance and Audit: Procedures for monitoring compliance with the policy and conducting regular audits

11. Policy Review and Updates: Process for regular review and updating of the policy

Optional Sections

1. Electronic Records Management: Detailed procedures specific to electronic records management - needed for organizations with significant digital operations

2. Industry-Specific Requirements: Additional requirements for specific industries (e.g., financial services, healthcare) - needed when organization operates in regulated industries

3. International Operations: Additional requirements for cross-border data retention - needed for organizations with international operations

4. Disaster Recovery: Specific procedures for protecting and recovering records in case of disasters - needed for organizations in high-risk areas or with critical record requirements

5. Third-Party Service Providers: Requirements for records held by third-party providers - needed when organization outsources record storage or processing

6. Social Media Records: Procedures for managing social media content and communications - needed for organizations with significant social media presence

Suggested Schedules

1. Schedule A - Retention Periods: Detailed matrix of record types and their specific retention periods

2. Schedule B - Record Classification Guide: Detailed guide for classifying different types of records

3. Schedule C - Disposal Procedures: Step-by-step procedures for different methods of record disposal

4. Appendix 1 - Forms: Standard forms for record destruction, legal hold notices, and compliance checks

5. Appendix 2 - Systems and Tools: List of approved systems and tools for records management

6. Appendix 3 - Regulatory Requirements: Summary of relevant laws and regulations affecting retention periods

7. Appendix 4 - Department-Specific Guidelines: Specific guidelines for different departments or business units

Authors

Alex Denne

Head of Growth (Open Source Law) @ Ƶ | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions



































Clauses






























Relevant Industries

Banking and Financial Services

Healthcare

Education

Manufacturing

Retail

Technology

Telecommunications

Professional Services

Real Estate

Insurance

Energy

Mining

Construction

Transportation and Logistics

Government Contractors

Relevant Teams

Legal

Compliance

Information Technology

Records Management

Human Resources

Finance

Operations

Administration

Risk Management

Internal Audit

Information Security

Quality Assurance

Relevant Roles

Chief Executive Officer

Chief Operating Officer

Chief Financial Officer

Chief Technology Officer

Chief Compliance Officer

Records Manager

Compliance Manager

Legal Counsel

IT Director

Department Heads

Human Resources Manager

Quality Assurance Manager

Risk Manager

Information Security Officer

Audit Manager

Operations Manager

Administrative Manager

Industries








Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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