Data Deletion And Retention Policy

INTRODUCTION

This Data Retention and Deletion Policy outlines the principles, guidelines, and procedures for managing and safeguarding data within SOULPAY. The policy is designed to ensure that data is retained and deleted in a manner that is compliant with applicable laws and regulations while balancing the organization's operational and business needs.

1. Scope

This policy applies to all data, regardless of its format (electronic or physical), that is collected, stored, or processed by SOULPAY, including data related to customers, employees, suppliers, and other stakeholders.

2. Data Categories

2.1. PERSONAL DATA: Data that can identify individuals, including but not limited to names, addresses, contact information, and sensitive personal information.

2.2. FINANCIAL DATA: Data related to financial transactions, including payment information, invoices, and financial reports.

2.3. OPERATIONAL DATA: Data used for the day-to-day operations of the organization, including emails, communication records, and project-related information.

2.4. LEGAL/COMPLIANCE DATA: Data required to meet legal and regulatory obligations, including contracts, tax records, and compliance reports.

3 Data Retention Periods

3.1. PERSONAL DATA: Retained only as long as necessary to fulfill the purposes for which it was collected or as required by law. Once the retention period ends, personal data is securely deleted.

3.2. FINANCIAL DATA: Retained as required by applicable financial and tax regulations. Once the retention period ends, financial data is securely deleted.

3.4. OPERATIONAL DATA: Retained for a reasonable period to support business operations. Once it is no longer needed, operational data is securely deleted.

3.5. LEGAL/COMPLIANCE DATA: Retained for the duration specified by applicable laws or regulations. Once the retention period ends, legal/compliance data is securely deleted.

4. Data Deletion Procedures

4.1. Data deletion involves the secure and irreversible removal of data from all relevant storage locations. The procedures for data deletion include:

  • a) Identifying data to be deleted based on the data retention periods.
  • b) Verifying the deletion request and obtaining necessary approvals.
  • c) Using appropriate methods and tools to securely delete data.
  • d) Documenting the deletion process for audit and compliance purposes.

5. Responsibilities

5.1. DATA OWNER: The data owner is responsible for determining the appropriate data retention periods and for initiating data deletion requests when required.

5.2. IT DEPARTMENT: The IT department is responsible for implementing data deletion procedures and ensuring that data is securely and permanently deleted.

6. Training and Awareness

6.1. SOULPAY will provide training and raise awareness among employees to ensure compliance with this policy. Training programs will include data protection, privacy, and data retention best practices.

7. Monitoring and Enforcement

7.1. The SOULPAY will oversee the implementation of this policy and ensure its compliance. Non-compliance with this policy may result in disciplinary actions.

8. Review and Updates

8.1. This policy will be reviewed periodically to ensure its relevance and compliance with evolving laws and regulations.

9. Document Retention

9.1. This policy is to be retained for reference and audit purposes.