Why retain?It is common for regulations such as tax laws to require documents such as expense receipts to be retained in case of audit for a number of years. Businesses also have strategic reasons to maintain data for extended periods of time. For example, a retailer may backtest pricing strategies against historical sales data going back a number of years.
Why dispose?Maintaining physical documents and data always has an expense such as the overhead of data governance and management. Data can also represent a risk. For example, a firm may face liability in the case of a data breach. Data doesn't typically age well and may lose its value quickly.
|Overview: Retention Schedule|
A classification of data that specifies requirements for retention and disposal.