A retention schedule is a listing of organizational information types, or series of information in a manner which facilitates the understanding and application of the identified and approved retention period, and other information retention aspects.
Retention schedules are an important aspect of records management. Many organizations are subject to rules and regulations (at the local, state or federal level) that govern for how long they are required to keep records before they can safely dispose of them. Holding onto records for longer than required can expose the organization to unnecessary liability, since such records are discoverable during lawsuits.