Have and follow a document retention policy
TIP OF THE WEEK
Document retention policies are necessary today. The Arthur Andersen/Enron debacle should cause all of us to pause. Be able to answer these questions: Do you have a document retention policy? Do you follow it? Does your policy, if any, comply with the law? Do you have a process in place that protects against document destruction when claims are made? Are you saving drafts that might come back to bite you?
It is imperative that you know what to save, what not to save, how long to save it for, and when the destruction policy must be suspended. Failure to do so can cause dire consequences. Just ask former Enron employees.