Final answer:
A records retention schedule is a plan for managing the lifecycle of organizational records, specifying how long each type of record should be kept. It is crucial for legal compliance, efficient information management, and secure destruction of unnecessary records.The correct option is C.
Step-by-step explanation:
A records retention schedule is a systematic approach to managing an organization's records lifecycle from creation and maintenance to disposal or permanent preservation. It specifies the duration for which records should be retained, based on legal, regulatory, fiscal, operational, and historical requirements. The retention schedule is prepared to ensure that an organization complies with laws and regulations, optimizes space for storage, enhances efficiency in retrieving documents, and protects sensitive information until it can be securely destroyed.
The purpose of a records retention schedule is not only to guarantee legal compliance but also to manage risks associated with information storage and retrieval. It helps an organization avoid legal penalties for not retaining certain records for the required periods and ensures that obsolete or unnecessary records are disposed of in a timely and secure manner.