Final answer:
True, workspaces can set their own retention policies to comply with varying legal and industry-specific data retention requirements. These policies are guidelines for how long data should be retained.
Step-by-step explanation:
True, workspaces can indeed set their own retention policies. A retention policy is a set of guidelines that determine how long information or data should be retained before it is deleted or archived. Different workspaces, particularly in software or digital platforms, offer the ability for administrators or users with appropriate privileges to define how long the workspace should keep data before it's considered obsolete and purged from the system. This is a critical feature for companies that need to comply with legal and industry-specific data retention requirements. Examples of such workspaces could be collaboration tools, project management software, or even communication platforms that allow the setting of custom retention policies for chats and shared files.