Infotel services will ensure that it follows its obligation to maintain recordkeeping framework. Infotel services will implement strategies to ensure that records of business activities are recorded and kept properly. According to the recordkeeping framework of Infotel services the record includes meeting minutes, employment contracts, salary slips, banking records, expense records, and cash records.
For accountability, a senior executive will be appointed. The senior executive will look after the recordkeeping program and the senior executive will delegate responsibility to other individuals. He will also look after making policies to guide other personnel. It is necessary that the principle of transparency is applied and the policies are made in such a way that it could be understood by all the interested parties. A reasonable level of protection should be ensured to protect private and confidential information. The recordkeeping framework should comply with the laws and the organization's policies. The organization should retain the information for the appropriate time. The organization should also ensure a secured disposition of a framework that is not required.
Infotel services will keep a record of all the financial information which includes all financial transactions, the company's performance, and the financial position of the company. These records are to be kept under The Corporation Act 2002. The act requires that the financial records are kept for a minimum period of seven years.
Procedures that need to be developed
Schedules
The recordkeeping framework allows the people who are working as employees to create records so that they can document the business activity in which they take part. The recordkeeping framework will also ensure that the information that helps in business activity creates appropriate records to support those activities. The record-keeping helps in supporting an organization's regulatory, legal, and operational requirements. The purpose is to increase efficiency by ensuring that less time is spent on finding records
The retention of recordkeeping is an essential aspect of the regulatory requirement. Different regulations are applied to different kinds of information. The contracts and agreement concerning the IT sector need to be kept for seven years. However, contracts related to real estate need to be kept for 15 years. Certain information needs to be kept for a longer period such as copyright information should be kept for seventy years. Similarly, the documents related to the insurance policy and claims should be kept indefinitely. The risk involved in the case of a regulatory requirement is the loss or damage to the record.
The information contained should be fixed so that the information cannot be changed or history should be recorded. So that the value of information can be determined at any time. The record should be disposed of when it is no longer necessary. The reason behind disposing of is privacy concerns.
Disposal of records refers to removing a record from the system this can be done either by destroying the records or by transferring the records. To dispose of the authorization of the record is needed. It is allowed to keep the records for more than the time provided in the retention period. However, some records should be disposed of after the retention period is finished. This can be done in matters involving privacy.
Responsibilities of the CEO of the Infotel services
Responsibility of Managers of the Infotel Services.
Responsibility of employees of the Infotel services
The consequence of the breach of policy leads to loss of time and expenditure of money to retrieve the record. According to the State Records Act 1998 (NSW) if abandonment, damage, neglect, and disposal of records occur then that individual or the company will be liable to pay a fine.
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