Crane on Law by James Crane

One of the most difficult assignments that corporate counsel face is the proper disposition of company information. In order to better decide what information must be retained and for how long, it helps to categorize it.

The five categories set forth by the Association of Records Managers and Administrators and approved by the American National Standards Institute are as follows:

• Operational Value : Records that document the activities of an organization, and that are directed toward the substantive purpose for which the organization was created.
• Vital Record Value : Records that contain information essential to the reconstruction/resumption of business in the event of a disaster.
• Legal/Regulatory Value : Records that provide proof of business transactions and demonstrate compliance with legal, regulatory, and statutory requirements.
• Fiscal Value : Records that relate to the financial transactions of an organization, especially those required for audit or tax purposes.
• Historical Value : Records that relate to the historical development of the organization, its mission, programs, products, major achievements, failures, significant events and societal relationships.