December 02, 2021

The Lifecycle of Records Management in Singapore

The Lifecycle of Records Management in Singapore

Business information and the records that register it have a lifecycle, which spans from creation right up until disposal. But along the way, the quality and integrity of each step in the management journey is crucial, in order to safeguard the privacy and accessibility of all data that’s obtained, stored, utilised and managed by a business.

Done properly, record management reduces the risk of unauthorised data disclosures, revisions, deletions or disposals. If neglected however, the fallout can lead to severe financial and reputational damage for your business. So, to work effectively, managing records needs overall strategic direction and oversight.

But where to begin? In an age where millions of records are created every day, keeping on top of information that spans physical and digital environments can be a challenge. In response, it always pays to act in accordance with data protection regulations – and to check the fallibility of your own policies and procedures with its guide to developing a data protection management programme [1].

Below are some of the information lifecycle steps all organisations need to consider:

What Records to Keep & How Long For

Business records generally have a specific retention period. So, part and parcel of a record management policy requires knowing what documents to keep and how long to keep them for. Common examples of records that should be kept – for a minimum of five years – include records of all transactions related to your tax affairs.

It is recommended that all businesses check guidance from the Inland Revenue Authority of Singapore [2].
Establish Records Management Processes

Once you’ve figured out what documents to keep and how long for, records management is essential to monitor the many records that flow in and out of your organisation. Business leaders must define the specific record management processes to ensure consistency – and every employee should be made aware of said processes with training.

If in doubt, be sure to check the official records management and security advice from the PDPC [1].
Securely Destroy Old Records with Shred-it

Eventually, all records and documents reach their end of life. When this happens, it’s imperative that they’re disposed of securely to ensure they never fall into the wrong hands. This is where it pays to partner with a document destruction specialist, like Shred-it, who prides itself on its world-class paper shredding services and secure chain of custody.

Get in touch for a quote for services tailored to the needs of your business.
[1] Source: Personal Data Protection Commission Singapore
[2] Source: Inland Revenue Authority of Singapore (IRAS)

Disclaimer: This article is provided for your convenience and does not constitute legal advice. Readers should not take, or refrain from taking, actions based upon the content of this article. Prior results do not guarantee similar outcomes. Please seek professional legal advice.