This page is a compilation of blog sections we have around this keyword. Each header is linked to the original blog. Each link in Italic is a link to another keyword. Since our content corner has now more than 4,500,000 articles, readers were asking for a feature that allows them to read/discover blogs that revolve around certain keywords.
The keyword specific retention period has 4 sections. Narrow your search by selecting any of the keywords below:
- data subjects (3)
- data controllers (3)
- retention periods (3)
- data deletion (3)
- data deletion audit (3)
- data retention laws (2)
- data retention (2)
- personal data (2)
- business associates (2)
- data protection regulation (2)
- electronic records (2)
- retention policy (2)
1.Overview of Data Retention Laws and Regulations[Original Blog]
Data retention is the practice of storing and preserving data for a certain period of time, either for legal, regulatory, or business purposes. Data retention laws and regulations vary depending on the type, source, and location of the data, as well as the industry and jurisdiction of the data controller and processor. In this section, we will provide an overview of some of the main data retention laws and regulations that affect businesses around the world, and how they impact the way data is collected, stored, and deleted. We will also discuss some of the challenges and best practices for complying with data retention requirements and avoiding potential risks and penalties.
Some of the data retention laws and regulations that businesses should be aware of are:
1. The General data Protection regulation (GDPR): The GDPR is a comprehensive data protection law that applies to all organizations that process personal data of individuals in the European Union (EU) or offer goods or services to them. The GDPR does not specify a fixed retention period for personal data, but rather requires that data should be kept only for as long as necessary for the purposes for which it was collected or processed. Data controllers must establish and document their retention policies based on the nature, scope, context, and purposes of the data processing, as well as the risks and rights of the data subjects. Data controllers must also inform data subjects about the retention period or the criteria used to determine it, and provide them with the right to request the deletion of their data under certain conditions.
2. The california Consumer Privacy act (CCPA): The CCPA is a data privacy law that grants California residents certain rights over their personal information, such as the right to know, access, delete, and opt-out of the sale of their data. The CCPA does not impose a specific retention period for personal information, but rather requires that businesses should not retain personal information for longer than reasonably necessary for the purposes for which it was collected. Businesses must also disclose to consumers the categories of personal information they collect and the purposes for which they use it, and provide them with the right to request the deletion of their data under certain circumstances.
3. The Health Insurance Portability and Accountability Act (HIPAA): HIPAA is a federal law that regulates the privacy and security of protected health information (PHI) in the United States. HIPAA applies to covered entities, such as health care providers, health plans, and health care clearinghouses, and their business associates, such as vendors, contractors, and service providers that handle PHI on their behalf. HIPAA requires that covered entities and business associates retain PHI for at least six years from the date of its creation or the date when it was last in effect, whichever is later. However, some state laws may require longer retention periods for certain types of PHI, such as medical records, billing records, or prescription records. Covered entities and business associates must also implement administrative, technical, and physical safeguards to protect the confidentiality, integrity, and availability of PHI, and provide individuals with the right to access, amend, and receive an accounting of disclosures of their PHI.
4. The sarbanes-Oxley act (SOX): SOX is a federal law that establishes standards for the governance, accountability, and transparency of public companies in the United States. SOX applies to issuers, which are companies that have registered securities or are required to file reports with the Securities and Exchange commission (SEC), and their auditors, officers, directors, and employees. SOX requires that issuers and their auditors retain all audit or review work papers, including electronic records, for at least seven years from the completion of the audit or review. SOX also requires that issuers and their officers and directors retain all documents and records that relate to any investigation, litigation, or proceeding involving the issuer or its securities, and prohibits them from destroying, altering, or falsifying any such documents or records.
These are just some examples of the data retention laws and regulations that may affect businesses in different sectors and regions. Depending on the nature and scope of their data processing activities, businesses may also need to comply with other laws and regulations that impose specific retention periods or obligations for certain types of data, such as tax records, employment records, financial records, or consumer records. Moreover, businesses may also face contractual or operational requirements that influence their data retention policies, such as customer agreements, service level agreements, industry standards, or business continuity plans.
Complying with data retention requirements can be challenging for businesses, especially if they operate across multiple jurisdictions or deal with large volumes or varieties of data. Some of the common challenges and risks that businesses may encounter are:
- Determining the applicable retention period: Businesses may need to conduct a data inventory and mapping exercise to identify the types, sources, and locations of the data they collect and process, and the purposes and legal bases for which they do so. They may also need to consult with legal experts, regulators, or industry associations to understand the relevant laws and regulations that apply to their data processing activities, and the retention periods or criteria that they prescribe. Businesses may need to balance the conflicting or overlapping retention requirements from different sources, and adopt a consistent and defensible retention policy that meets their legal and business needs.
- Implementing the retention policy: Businesses may need to establish and enforce clear and comprehensive procedures and controls for the implementation of their retention policy, such as data classification, labeling, storage, archiving, backup, retrieval, deletion, and disposal. They may also need to train and educate their staff, partners, and customers on the importance and implications of data retention, and monitor and audit their compliance with the retention policy. businesses may need to leverage technology and tools, such as data management software, encryption, shredding, or erasure, to facilitate and automate the execution of their retention policy.
- Responding to data requests: Businesses may need to respond to requests from data subjects, regulators, law enforcement, courts, or other parties regarding their data retention practices or the data they retain. They may need to provide information, access, deletion, or copies of the data they retain, or justify the reasons for retaining or not retaining the data. Businesses may need to ensure that they can locate and retrieve the data they retain in a timely and accurate manner, and that they can protect the data from unauthorized or unlawful access, use, or disclosure.
Data retention is a complex and dynamic issue that requires careful consideration and planning from businesses. By understanding the legal framework and the best practices for data retention, businesses can not only comply with their obligations and avoid potential risks and penalties, but also optimize their data management and governance, and enhance their performance and competitiveness.
Overview of Data Retention Laws and Regulations - Data retention: How long should you keep your business data and what are the legal implications
2.Recordkeeping and Reporting Requirements[Original Blog]
Recordkeeping and reporting requirements are an essential aspect of securities regulation. These requirements ensure that accurate and up-to-date information is maintained by securities professionals, firms, and regulatory authorities. In the context of the Series 63 Exam, understanding these requirements is crucial as they are designed to protect investors and maintain the integrity of the securities market.
From the perspective of securities professionals and firms, recordkeeping and reporting requirements can be seen as a necessary but sometimes burdensome task. However, it is important to recognize that these requirements serve a vital purpose in promoting transparency and accountability. By maintaining detailed records and submitting timely reports, securities professionals and firms can demonstrate compliance with regulatory standards and provide regulators with the necessary information to monitor and assess their activities.
To delve deeper into the topic of recordkeeping and reporting requirements, let's explore some key aspects through a numbered list:
1. Types of Records: Securities professionals and firms are required to maintain various types of records, including client account information, trade confirmations, account statements, and correspondence. These records should be organized and easily accessible to facilitate regulatory inspections and audits.
2. Retention Periods: Each type of record has a specific retention period, which is typically set by regulatory authorities. For example, client account information may need to be retained for a certain number of years after the account is closed. It is essential to understand and adhere to these retention periods to ensure compliance.
3. Reporting Obligations: In addition to recordkeeping, securities professionals and firms must fulfill reporting obligations. This includes submitting regular reports to regulatory authorities, such as the Securities and Exchange Commission (SEC) or the financial Industry Regulatory authority (FINRA). These reports may cover topics such as financial statements, capital adequacy, and anti-money laundering measures.
4. Electronic Recordkeeping: With advancements in technology, many recordkeeping requirements now extend to electronic records. Securities professionals and firms must ensure that electronic records are securely stored and easily retrievable. Additionally, they should have appropriate safeguards in place to protect against unauthorized access or tampering.
5. Regulatory Inspections: Regulatory authorities have the power to conduct inspections and audits to ensure compliance with recordkeeping and reporting requirements. Securities professionals and firms should be prepared for these inspections by maintaining accurate records and having processes in place to facilitate the review.
To illustrate the importance of recordkeeping and reporting requirements, let's consider an example. Imagine a securities firm that fails to maintain proper records of client transactions. Without accurate records, it becomes challenging to resolve any disputes that may arise or demonstrate compliance with regulatory standards. Furthermore, the lack of proper reporting may raise suspicion and trigger regulatory scrutiny, potentially leading to fines or other penalties.
Recordkeeping and reporting requirements are a fundamental component of securities regulation. While they may seem burdensome at times, they play a crucial role in maintaining transparency, protecting investors, and upholding the integrity of the securities market. By understanding and adhering to these requirements, securities professionals and firms can demonstrate their commitment to regulatory compliance and build trust with investors and regulatory authorities alike.
Recordkeeping and Reporting Requirements - Securities Regulation: Mastering the Series 63 Exam
3.How to verify and document that your data has been deleted successfully?[Original Blog]
One of the most important aspects of data deletion is ensuring that the data has been erased completely and permanently from all the storage devices and systems where it was stored. This is not only a legal requirement, but also a good practice to protect the privacy and security of the data subjects and the data controllers. However, data deletion is not always a straightforward process, and there are many factors that can affect the success and verifiability of data erasure. In this section, we will discuss how to conduct a data deletion audit, which is a systematic and documented process of verifying and documenting that the data has been deleted successfully. We will cover the following topics:
1. Why is data deletion audit necessary? Data deletion audit is necessary for several reasons, such as:
- To comply with the data protection laws and regulations, such as the General Data Protection Regulation (GDPR), which require data controllers to demonstrate that they have taken appropriate measures to erase the personal data of the data subjects upon their request or when the data is no longer needed for the purposes for which it was collected or processed.
- To prevent data breaches and unauthorized access to the data, which can result in legal, financial, reputational, and ethical consequences for the data controllers and the data subjects.
- To optimize the storage space and performance of the devices and systems, by freeing up the space occupied by the deleted data and reducing the fragmentation and corruption of the data.
- To ensure the accuracy and integrity of the data, by avoiding the confusion and inconsistency caused by the presence of outdated, irrelevant, or duplicate data.
2. What are the challenges and risks of data deletion? Data deletion is not as simple as pressing the delete button or emptying the recycle bin. There are many challenges and risks that can affect the effectiveness and reliability of data deletion, such as:
- The complexity and diversity of the storage devices and systems, which can have different architectures, formats, protocols, and standards for storing and deleting data. For example, some devices use magnetic disks, flash memory, optical disks, or tape drives, while some systems use cloud computing, distributed computing, or virtualization technologies.
- The persistence and recoverability of the data, which can remain in the storage devices and systems even after the deletion process, due to the physical characteristics of the devices, the logical structure of the systems, or the backup and recovery mechanisms. For example, some devices use overwrite protection, wear leveling, or encryption techniques, while some systems use caching, indexing, or replication features.
- The human and technical errors, which can cause the data deletion to fail, be incomplete, or be inconsistent, due to the negligence, ignorance, or malice of the users, administrators, or third parties, or due to the malfunction, damage, or compromise of the devices or systems. For example, some users may forget, overlook, or refuse to delete the data, some administrators may misconfigure, misuse, or abuse the deletion tools or policies, or some third parties may intercept, tamper, or restore the data.
3. How to perform a data deletion audit? Data deletion audit is a process that involves the following steps:
- Identify the data to be deleted. The first step is to identify the data that needs to be deleted, based on the criteria and conditions defined by the data protection laws, the data subjects, or the data controllers. This may include the type, category, source, location, format, and retention period of the data. For example, the data may be personal, sensitive, confidential, or proprietary data, collected or processed for a specific purpose, consent, or contract, stored in a specific device, system, or service, in a specific format, such as text, image, audio, or video, and subject to a specific retention period, such as 30 days, one year, or indefinitely.
- Select the deletion method. The second step is to select the appropriate deletion method, based on the characteristics and requirements of the data, the devices, and the systems. This may include the level, mode, and tool of the deletion. For example, the level of the deletion may be physical, logical, or cryptographic, the mode of the deletion may be manual, automatic, or scheduled, and the tool of the deletion may be a built-in, third-party, or custom software or hardware solution.
- Execute the deletion process. The third step is to execute the deletion process, according to the selected deletion method and the best practices and standards for data erasure. This may include the preparation, verification, and confirmation of the deletion. For example, the preparation of the deletion may involve the backup, encryption, or anonymization of the data, the verification of the deletion may involve the scanning, testing, or monitoring of the devices and systems, and the confirmation of the deletion may involve the notification, acknowledgment, or feedback of the users, administrators, or third parties.
- Document the deletion outcome. The fourth and final step is to document the deletion outcome, as a proof and record of the successful and permanent data erasure. This may include the creation, storage, and maintenance of the deletion report, which should contain the following information:
- The date and time of the deletion
- The identity and role of the person or entity who performed the deletion
- The description and location of the data that was deleted
- The description and location of the devices and systems where the data was stored and deleted
- The description and specification of the deletion method and tool that was used
- The description and evidence of the deletion verification and confirmation
- The signature and seal of the person or entity who performed the deletion
4.Establishing Proper Documentation and Record-Keeping Practices[Original Blog]
1. The Importance of Documentation:
Proper documentation serves as the backbone of any clinical laboratory operation. It provides a historical record of activities, decisions, and outcomes. Here's why it matters:
- Regulatory Compliance: Regulatory bodies such as the Clinical Laboratory Improvement Amendments (CLIA) and the Food and Drug Administration (FDA) require laboratories to maintain accurate records. Non-compliance can result in penalties or even closure.
- Quality Assurance: Documentation facilitates quality control by allowing traceability. Lab personnel can identify trends, troubleshoot issues, and validate results.
- Legal Protection: In case of disputes or legal claims, well-maintained records serve as evidence. Whether it's a billing dispute or a patient safety concern, having comprehensive documentation is crucial.
2. Types of Documentation:
Clinical laboratories generate various types of documents. Let's explore some common ones:
- Standard Operating Procedures (SOPs): SOPs outline step-by-step procedures for tests, equipment calibration, and safety protocols. They ensure consistency and guide staff.
- Validation Protocols: When introducing new tests or equipment, validation protocols document the validation process. This includes accuracy, precision, and linearity studies.
- Patient Records: These include requisition forms, test results, and patient demographics. Accurate patient identification is critical to prevent errors.
- Maintenance Logs: Regular maintenance of equipment (e.g., pipettes, centrifuges) should be documented. Calibration records fall under this category too.
- Incident Reports: Document any incidents, deviations, or near-misses. Include corrective actions taken to prevent recurrence.
3. Electronic vs. Paper Records:
- electronic Health records (EHRs): Many labs have transitioned to EHRs for efficiency. EHRs allow real-time data entry, retrieval, and secure storage. However, cybersecurity and data integrity are paramount.
- Paper Records: Some labs still rely on paper records. Ensure proper filing, labeling, and protection against damage (e.g., fire, water).
4. Retention Periods:
- Each type of document has a specific retention period. For example:
- Patient records: Typically retained for 7-10 years.
- Quality control records: Retain as per regulatory guidelines.
- Personnel training records: Keep until personnel leave the organization.
5. Examples:
- Imagine a lab technician performing a hematology test. Proper documentation includes:
- Test requisition form: Patient details, test requested, and physician information.
- SOP for hematology testing: Detailed steps followed during the test.
- Instrument logs: Recording instrument calibration and maintenance.
- Quality control charts: Tracking daily controls to ensure accuracy.
- Validation report: If the lab introduced a new hematology analyzer.
- Volume: Labs handle a large volume of samples daily. Implement automated systems for data entry and retrieval.
- Training: Train staff on documentation practices. Regular audits can identify gaps.
- Data Integrity: Prevent unauthorized alterations. Use access controls and audit trails.
In summary, establishing robust documentation and record-keeping practices is non-negotiable for clinical laboratories. It ensures compliance, enhances quality, and safeguards patient well-being. Remember, every detail matters—from the ink on paper to the bytes in a database.
Establishing Proper Documentation and Record Keeping Practices - Clinical laboratory startup Navigating the Regulatory Landscape: A Guide for Clinical Laboratory Startups