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A Records Retention Policy sets clear rules for how long your organization must keep different types of documents and when you can safely destroy them. In Austria, these policies help companies comply with key laws like the Austrian Commercial Code (UGB) and data protection requirements under the GDPR.

Your policy should cover everything from tax records (which Austrian law requires you to keep for 7 years) to employee files, contracts, and digital communications. It protects your organization by ensuring important documents are available when needed while allowing you to properly dispose of outdated records that could create liability risks or take up valuable storage space.

Use a Records Retention Policy when your organization needs to systematically manage its growing document collection. This becomes especially critical during tax audits, legal proceedings, or when Austrian authorities request specific records. For businesses handling sensitive data, the policy helps meet GDPR requirements and avoid penalties under Austrian privacy laws.

The policy proves invaluable during mergers and acquisitions, office relocations, or digital transformation projects. It guides your teams through document lifecycle decisions, preventing both premature destruction of legally required records and unnecessary storage of expired documents. Many Austrian companies implement these policies during annual compliance reviews or after experiencing document management challenges.

• Corporate Retention Policy: Comprehensive policy covering all business records, including financial documents, contracts, and HR files. Typically used by larger organizations to meet UGB requirements and manage diverse document types across departments.
• Audit Retention Policy: Specialized version focusing on audit-related documentation, tax records, and financial statements. Essential for accounting firms and organizations subject to frequent regulatory reviews, with detailed retention schedules aligned with Austrian tax law requirements.

• Legal Departments: Draft and update Records Retention Policies to ensure compliance with Austrian law, especially UGB and GDPR requirements.
• Management Teams: Review, approve, and oversee policy implementation across departments while setting company-wide retention standards.
• IT Teams: Manage digital storage systems and implement automated retention schedules for electronic records.
• Department Heads: Ensure their teams follow retention guidelines and properly maintain documents within their areas.
• External Auditors: Rely on these policies when reviewing company records and verifying compliance with Austrian regulations.

• Document Inventory: List all types of records your organization handles, from contracts to employee files, noting current storage locations.
• Legal Requirements: Check Austrian retention periods, especially the 7-year rule under UGB and GDPR requirements.
• Department Input: Gather feedback from each department about their specific document needs and workflows.
• Storage Assessment: Review your physical and digital storage capabilities, security measures, and access controls.
• Policy Generation: Use our platform to create a customized, legally-compliant policy that covers all identified document types and retention periods.

• Scope Statement: Clear definition of which documents and departments the policy covers within your organization.
• Retention Periods: Specific timeframes for each document type, aligned with UGB's 7-year minimum for business records.
• GDPR Compliance: Data protection measures and deletion procedures for personal information.
• Storage Methods: Approved storage locations and formats, including digital archiving requirements.
• Destruction Procedures: Secure disposal protocols for both physical and electronic records.
• Roles and Responsibilities: Clear assignment of who manages and enforces the policy.
• Review Schedule: Regular policy update intervals to maintain compliance with Austrian regulations.

A Records Retention Policy is often confused with a Data Retention Policy, but they serve distinct purposes in Austrian organizations. While both address information management, their scope and legal foundations differ significantly.

• Document Scope: Records Retention Policies cover all business documents (contracts, financial records, HR files), while Data Retention Policy focuses specifically on digital data and personal information under GDPR.
• Legal Framework: Records Retention follows UGB's 7-year retention requirements for business records, while Data Retention primarily addresses GDPR and DSG compliance.
• Implementation Focus: Records Retention emphasizes physical and digital document management systems, whereas Data Retention concentrates on database management and digital storage protocols.
• Compliance Requirements: Records Retention meets broader business law obligations, while Data Retention specifically targets privacy law compliance and data subject rights.