Record Keeping has been around for a long time now. Depending on the laws that governed us, we are requiring to maintain records. A good document retention policy could last up to seven years. A litigation hold is basically keeping all records pertaining to the case, or until the case is over. Depending on the records at hand, state and federal laws require organizations to maintain records. During litigation hold notice a good checklist to follow, is a good idea.
A document retention policy basically establishes a policy that keeps records of documents and files for a certain amount of period, so that a court can examine a business practices over a time period. Courts and juries don’t ...view middle of the document...
The Sarbanes-Oxley Act of 2002 influences Information Technology because to become compliant with the law, has to use information technology. The Sarbanes-Oxley Act of 2002 requires document retention of all audit papers for seven years. This includes every document that was required taken during the audit. The Sarbanes-Oxley Act of 2002 also requires that every document to be retain when dealing with the controls of its financial records. The controls are the safety measures taken to protect the financial records. It is a crime to change one of these documents. This violation can lead up to 20 years in prison and 10 million dollars in fines.
Section 404 of the Sarbanes-Oxley Act of 2002 tells a corporation that at any time financial records are tampered with, that they must report it to the Securities Exchange Commission. It also says they must check their controls, their records, and anything pertaining to the financial records. Also Section 404 of the Sarbanes-Oxley Act of 2002 tells the corporation that the IT department must look for security breaches. The IT systems must be protecting financial records. Also with virtualization and cloud computing both the security and 404 financial records may be the outsourced. This takes the burden off of corporations, with a price of course from the consulting firm.
A litigation hold notice is basically letting the institution or organization that they are about to be sued in civil court. This tells the organization to stop destroying documents or files pertaining to matter at hand. This notice also tells the organization to find the documents and files pertaining to the matter at hand. If the demands are not met then penalties fines could be taken against the organization in court. A litigation hold notice is either a legal document or it can be given verbally.
A record can be either a virtual record or a hard copy. Records should have copies made and kept in original format. The original copy should backed up and save on a hard drive. The records may be given to the court during discovery, and must be ready to be distributed at a given notice. These records may found anywhere to include on a phone, email accounts, phone records, in folders, notes on sticky notes, and etc. Everything must be saved regarding the case at hand.
As an employee your job under a litigation hold should include is to stop deleting records. Stop destroying records for personal reasons....