Understanding and maintaining an effective data retention period is a crucial part of your data management strategy. This is the length of time that your data is stored and available for your reference or use. It's significant for several reasons:
1. Compliance with Legal and Regulatory Requirements
In many sectors, legal and regulatory bodies stipulate how long certain types of data must be kept. These requirements can vary widely depending on your industry and the type of data. Ensuring your data is retained for the necessary period is crucial for maintaining compliance with these rules.
2. Litigation and Dispute Resolution
Retaining data can be critical when it comes to legal disputes or potential litigation. This data can serve as evidence, and having access to it could significantly affect the outcome of a case.
3. Auditing and Reporting
For internal or external auditing purposes, historical data can be invaluable. It allows for full transparency and provides a consistent record that can be analyzed and reviewed. Similarly, this data can often be necessary for reporting purposes.
Parallel's data retention features help maintain a clear and accessible record of your data, streamlining the auditing and reporting process.
4. Data Privacy and Security
Data retention is not just about keeping data; it's also about knowing when to dispose of it. Retaining data longer than necessary can pose privacy and security risks.
In conclusion, a well-planned and executed data retention period can help you maintain compliance with legal and industry requirements, support litigation, facilitate easy auditing and reporting, and uphold high data privacy and security standards. Using Parallel, you can effortlessly manage these aspects, giving you peace of mind and allowing you to focus on what matters most – your core legal work.
Data ownership and control with Parallel
At Parallel, we prioritize user ownership and control over data, which means we will not delete your data without an explicit action or request from you. This ensures the integrity of your information, prevents unintended data loss, and helps maintain your workflows.
As a data processor, we also adhere to legal and compliance guidelines, many of which require data to be preserved for a certain period. The indiscriminate deletion could risk compliance issues, hence the need for user involvement in any data removal.
To help you manage your data, we have designed a compliance feature that allows your organization to meet policies or legal obligations.
Data lifecycle and compliance of a profile