Back-to-Business-Basics Tip: Reduce Risk and Liability
No risk, no reward—but why would you assume unnecessary risks?
I cannot imagine why people ride in cars without bothering to fasten their seatbelts. Do they really think they are safer in a car than when they are taking off or landing in an airliner? In 2006 (the most recent year for which complete statistics are available), there were over 100 traffic deaths per DAY in the U.S. For that same period, among U.S. airline passenger U.S. there were 47 deaths during the entire YEAR.
Similarly, I cannot understand why businesses keep old records. If boxes of tax records have exceeded their disposal period, what’s the point of keeping them—to give an auditor more ammunition to use AGAINST you? If production records have been stored longer than their warranty period, why keep them—to give plaintiff’s attorneys potential evidence to use AGAINST you?
To reduce our risk and liability from potential audits and lawsuits, DISPOSE of records as soon as their disposal schedules have expired.
Learn more about how BIS can help your company reduce risk and liability.
Frank J. Albi
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