About two years ago, Citigroup Global Markets needed to completely review its data retention policy in Germany due to the changing regulatory environment and an increased focus on data retention. All departments were asked to analyse their processes and determine what data they were required to store for supervisory purposes and the respective retention periods, as well as the levels of access they needed. Retention periods were determined for each data type: trades, financial statements, customer account data, credit report, etc. For example, human resources data must be stored for 30 years, while trading information has to be retained for 10 years. At around 12,000 securities transactions per day, it is easy to estimate the enormous volume of data that accumulates over the years.
Supervisory authorities are constantly creating new challenges for archive managers. Corporate governance standards are converging across the globe, and the obligation to retain data is a key eleme...
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