The definition of records management according to the UK’s Record Management Society is
“a process by which a company manages all elements of record whether externally or internally generated in any format or media type, from their inception/receipt, all the way to their disposal”
Thanks to cutting-edge technology, companies can develop a system to tackle the problems of data loss. Nowadays invariably all companies transmit data electronically. Therefore a system failure can spell doom.
Many organisations are under legal obligation to maintain the records for a specific period depending on various factors. For example, financial institutions are bound by law to keep the records of mortgage loan files for 10 after years after the loan has been repaid. Medical records are expected to be retained live till the patient is alive. Many Government records are required to be kept for 50 years.
Failure to maintain the records as required under the law can cause heavy damage to the reputation of an institution. Hence Records Management plays a crucial role in ensuring business continuity.
Online data backup can give peace of mind in this instance, knowing that all data can be restored to new hardware in a matter of minutes.
