Document retention is a hot topic, in light of various leaks
that have taken place and most notably the Panama Papers, where
some of the leaked documentation dated back to the 1970s. Our basic
human instinct is to keep everything, as you never know when you
might need a certain piece of information – like keeping that
old dress or pair of trousers "just in case". However,
with the new EU General Data Protection Regulation coming into
force on 25 May 2018, there is now even more of an obligation to
consider whether you have a reason to keep such information.
Why is Data Protection relevant to record retention?
Data protection legislation demands that, as a general
principle, personal data should not be kept for longer than
necessary. The word "necessary" covers your statutory and
legal requirements to retain information – but do you need it
longer than your statutory requirements? There is a vast array of
legislation, regulation and guidance to be considered
