Data Retention Policy , or records retention policy, is an organization's established protocol for retaining information for operational or regulatory compliance needs.
When writing a data retention policy, you must determine how to: organize information so it can be searched and accessed later, and dispose of information that's no longer needed.
Some organizations find it helpful to use a data retention policy template that provides a framework to follow when crafting the policy.
A comprehensive data retention policy outlines the business reasons for retaining specific data and what to do with it when targeted for disposal.
Source: https://searchdatabackup.techtarget.com/definition/data-retention-policy