A business record is a
document
A document is a writing, written, drawing, drawn, presented, or memorialized representation of thought, often the manifestation of nonfiction, non-fictional, as well as fictional, content. The word originates from the Latin ', which denotes ...
(hard copy or digital) that records an "act, condition, or event" related to business. Business records include meeting
minutes
Minutes, also known as minutes of meeting, protocols or, informally, notes, are the instant written record of a meeting or hearing. They typically describe the events of the meeting and may include a list of attendees, a statement of the activit ...
,
memoranda
A memorandum (: memorandums or memoranda; from the Latin ''memorandum'', "(that) which is to be remembered"), also known as a briefing note, is a Writing, written message that is typically used in a professional setting. Commonly abbreviation, ...
,
employment contracts, and
accounting source documents.
It must be retrievable at a later date so that the business dealings can be accurately reviewed as required. Since business is dependent upon confidence and trust, not only must the record be accurate and easily retrieved, but the processes surrounding its creation and retrieval must be perceived by customers and the business community to consistently deliver a full and accurate record with no gaps or additions.
Most business records have specified
retention periods based on legal requirements and/or internal company policies. This is important because in many countries (including the United States), many documents ''may'' be required by law to be disclosed to
government regulatory agencies or to the general public. Likewise, they ''may'' be
discoverable if the business is
sued. Under the
business records exception in the
Federal Rules of Evidence, certain types of business records, particularly those made and kept with regularity, may be considered
admissible in court despite containing
hearsay
Hearsay, in a legal forum, is an out-of-court statement which is being offered in court for the truth of what was asserted. In most courts, hearsay evidence is Inadmissible evidence, inadmissible (the "hearsay evidence rule") unless an exception ...
.
See also
*
Records management
Records management, also known as records and information management, is an organizational function devoted to the information management, management of information in an organization throughout its records life-cycle, life cycle, from the time of ...
*
Information governance
*
Regulation Fair Disclosure
*
Sarbanes-Oxley Act
References
Resources
ARMA International - Association of Records Managers and Administrators
AIIM - Association for Information and Image Management
Business documents
Information management
Records management
Information governance
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