By Brent Martindale, Attorney – Senior Director of Professional Services
A few years ago, a large healthcare provider thought it had its records retention schedule under control. They invested in building a comprehensive policy that ticked every compliance box at the time. However, when new privacy legislation came into effect, no one took notice. Months later, during an audit, gaps surfaced, and it was discovered that the established retention periods no longer aligned with the law. The result? Costly remediation, additional legal scrutiny, and a lesson they won’t soon forget: a retention schedule is never static.
This story isn’t unique. Laws change, organizations expand into new markets, and risks evolve faster than ever. That’s why an annual review of your records retention schedule isn’t just a formality; it’s a cornerstone of sound information governance.
What an Annual Review Really Means
Think of the annual review as a check-up for your retention policies. Just as you’d visit a doctor to catch small health issues before they become big ones, this process ensures your retention schedule stays healthy and defensible. During a review, your team evaluates whether your policies align with current compliance requirements by identifying new or updated laws that affect records retention, considering organizational changes such as new products, services, or geographic regions, updating retention to reflect evolving privacy, security, and litigation risks, and confirming that information governance priorities are clear, consistent, and enforceable.
Why the Effort Pays Off
Organizations that commit to annual reviews see tangible benefits. They gain compliance assurance by staying aligned with fast-changing data protection laws, maintain defensible schedules that minimize the risks of keeping data too long or not long enough, and achieve better business alignment by ensuring policies reflect how the company operates today rather than years ago. Annual reviews also improve audit readiness by providing clear, current, and defensible retention rules, while driving efficiency and cost savings by eliminating outdated requirements and reducing unnecessary storage. In other words, the review process is about creating a smarter, leaner, and more agile records program.
When “Annual” Isn’t Enough
For some organizations, once a year isn’t sufficient. Consider a financial institution juggling regulations across multiple countries, or a tech company in hyper-growth mode adding new services every quarter. In these cases, quarterly reviews provide the agility needed to stay ahead of constant change.
Quarterly check-ins are especially valuable when:
- You’re in a heavily regulated industry, such as healthcare, finance, or privacy.
- You operate across multiple jurisdictions with different legal timelines.
- The business is evolving quickly through mergers, acquisitions, or global expansion.
- Leadership insists on a low-risk posture with proactive oversight.
By reviewing their quarterly reports, these organizations avoid waiting months to respond to new laws or emerging risks.
The Bottom Line
Whether you choose annual or quarterly reviews, the message is clear: a retention schedule isn’t a one-and-done document. It’s a living policy that needs regular attention.
The organizations that thrive are those that treat these reviews not as a compliance burden, but as a strategic advantage. By building a cadence of regular updates, you ensure your retention schedule remains compliant, defensible, and aligned with your business today—and resilient enough for tomorrow.
Contact us to learn more about building a schedule of updates with a solution that helps you remain compliant.