Compliance to the Generally Accepted Recording Keeping Principles (GARP) offers the following risk management benefits:
- Offers protection from information loss. Critical records will be backed up, protected and made easily accessible, allowing for business continuity after a natural disaster or unforeseen event.
- Information is available when needed. The organization will have systems and processes in place to enable data location and retrieval, as well as the ability to disseminate information properly for quick decision making, business transactions and litigation response.
- Ensures adherence to retention and disposal requirements. Records retention schedules ensure that information is being retained to meet operational, legal, regulatory and other requirements, and that information is disposed of during the normal course of business when it’s no longer needed.
- Assists with external investigation and litigation obligations. All information relevant to litigation or regulatory investigation can be located and placed in a legal hold to ensure availability and integrity, and can be easily produced when necessary.
You can read more about GARP in a TechTarget entitled, “How the eight GARP principles assist Risk Management” by Marilyn Bier.