Define Recordkeeping Framework 

Policy Statement

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. 

Principles

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.

Legislation

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

  • Infotel services will setup registered offices and directors
  • Infotel services will Maintain business name
  • Infotel services will update Australian securities and information commission on important changes such as a change in name, change of place of business, and change of directors.
  • Infotel Services will pay fees to Australian Securities and Information commission.’
  • Infotel services will check annual statements.

Schedules

  • Infotel services will maintain a complete list of records. These records will be maintained and preserved for as long as it is required for any statutory purpose, business, and accountability purpose.
  • Infotel services will maintain an application that will capture or store all the records.
  • The manager who maintains Infotel services will destroy the records after the approval of the CEO or other senior officials of the company
  • Infotel services will maintain transparency in maintaining the records.
  • Infotel services will ensure that the confidentiality of secret records is maintained.

Purpose of Framework

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

Regulatory Requirements

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.

Business Function Area

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

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

  • The CEO is responsible for maintaining correct records of the business activities carried by the Infotel services.
  • The CEO is responsible to ensure that the activities of the Infotel services are carried following legislative requirements.
  • The CEO is responsible to ensure that the training is conducted for the employees on recordkeeping in the company.
  • The CEO is responsible to ensure that the company is prepared for a disaster and identifies the important records.

Responsibility of Managers of the Infotel Services.

  • The managers should ensure that the employees under his supervision are aware of their recordkeeping duties.
  • The manager needs to ensure that the records are captured in inappropriate applications.

Responsibility of employees of the Infotel services

  • The employees need to ensure that the records of their activities are created
  • The employees need to ensure that the records are captured in inappropriate applications.

Liability of Management

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.

Remember, at the center of any academic work, lies clarity and evidence. Should you need further assistance, do look up to our Management Assignment Help

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