What information goes into the “Purpose of Record” field?
Answer
The “Purpose” field is particularly important to assessing the value to be attached to a particular category of records and this will also assist in determining their retention. It is the role of the KIM Department to determine the retention requirements for each category of records created by the Bank. However, KIM may not be a user of the information being examined and therefore it is critical that a full understanding of why it is created/maintained must be provided by the department conducting the records inventory exercise. The information provided in this field should speak explicitly of any legal, regulatory, or operational requirements for the creation/maintenance of these records by the Bank.