Audit & Records Management
Complete audit trail capabilities with 7-year record retention for regulatory compliance. This document details our audit logging system, record retention policies, archive procedures, and report generation capabilities.
Records Management Policy
Daily Event Insurance maintains comprehensive records of all business activities, transactions, and compliance events. Our records management program ensures complete audit trails, regulatory compliance, and the ability to reproduce any transaction or decision upon request. Records are retained according to regulatory requirements and business needs, with a minimum 7-year retention for insurance-related records.
Record Retention Schedule
Retention periods by data type, with legal basis and archive procedures.
| Data Type | Retention | Legal Basis | Archive After | Auto-Delete | Format |
|---|---|---|---|---|---|
| Insurance Policies | 7 years after expiration | State insurance regulations, tax requirements | 1 year | No | Encrypted database, PDF archives |
| Claims Records | 7 years after closure | Insurance regulatory requirement, statute of limitations | 1 year after closure | No | Encrypted database, document storage |
| Payment Transactions | 7 years | Tax requirements, audit trail | 1 year | No | Database records, payment processor logs |
| Audit Logs | 7 years | Regulatory compliance, security | 1 year | No | Immutable append-only logs |
| KYC/Verification Records | 5 years after relationship ends | BSA/AML requirements | 1 year | No | Encrypted document storage |
| AML Alerts & SARs | 5 years from filing | FinCEN requirements | Immediate | No | Secured separate system |
| Partner Agreements | 7 years after termination | Contractual, tax requirements | 1 year after termination | No | Signed PDF documents |
| Quote Requests | 1 year | Business operations | 90 days | Yes | Database records |
| User Sessions | 90 days | Security monitoring | N/A | Yes | Session logs |
| Email Communications | 7 years for policy-related | Regulatory record-keeping | 1 year | Varies | Email archive system |
Audit Log Categories
Events captured in the audit trail organized by category.
Authentication Events
7 years retention- User login (success/failure)
- Password changes
- MFA enrollment/removal
- Session creation/termination
- API key generation
Policy Lifecycle
7 years retention- Quote generation
- Policy purchase
- Policy modification
- Policy cancellation
- Renewal processing
Claims Activity
7 years retention- Claim submission
- Document uploads
- Status changes
- Adjudicator actions
- Payment processing
Financial Transactions
7 years retention- Payment initiation
- Payment completion
- Refund processing
- Commission calculations
- Payout generation
Administrative Actions
7 years retention- User role changes
- Permission modifications
- System configuration
- Partner management
- Report generation
Compliance Events
5-7 years retention- KYC verification status
- AML alert generation
- SAR filing
- Data subject requests
- Regulatory inquiries
Audit Log Format
Standardized JSON format for all audit log entries ensuring consistency and queryability.
| Field | Description | Example |
|---|---|---|
| timestamp | ISO 8601 timestamp with timezone | 2024-01-15T14:32:00.000Z |
| event_id | Unique event identifier | evt_abc123xyz |
| event_type | Category and action | policy.purchased |
| actor_id | User or system ID | usr_xyz789 |
| actor_type | User, admin, system, or API | user |
| resource_type | Type of resource affected | policy |
| resource_id | ID of affected resource | pol_abc123 |
| ip_address | Source IP address | 192.168.1.100 |
| user_agent | Browser/client information | Mozilla/5.0... |
| changes | Before/after values (when applicable) | {"status": {"old": "active", "new": "cancelled"}} |
| metadata | Additional context | {"request_id": "req_xyz"} |
| compliance_flags | Regulatory relevance tags | ["pci", "aml"] |
Compliance Reports
Pre-built reports available for regulatory examinations and internal audits.
Audit Log Export
Complete audit trail for specified date range
Transaction Summary
All financial transactions with status
KYC Verification Report
Customer verification status and history
AML Alert Summary
All AML alerts with resolution status
Policy Lifecycle Report
Policy activity from quote to expiration
Data Subject Request Log
CCPA/GDPR request tracking and completion
Data Archive Process
Procedure for transitioning data from active storage to long-term archives.
Identify records meeting archive criteria (age, status)
Verify data completeness and calculate checksums
AES-256 encryption with unique archive keys
Move to long-term storage with redundancy
Confirm successful archive and accessibility
Remove from active systems (hot tier) after verification
Record Retrieval Procedures
Active Records (<1 year)
- Available via admin dashboard
- Real-time search and filtering
- Instant export capability
- Response time: <5 seconds
Archived Records (>1 year)
- Request via compliance team
- Retrieval from cold storage
- Integrity verification on restore
- Response time: <24 hours
Regulatory Examination Requests
For regulatory examination document requests, our compliance team can produce any record within 48 hours. We maintain a dedicated process for examiner requests with priority handling and secure delivery channels.
Record Destruction
Records are destroyed only after retention periods expire and legal hold checks pass.
Pre-Destruction Checks
- Retention period fully expired
- No active legal holds
- No pending regulatory requests
- No open claims or disputes
- Manager approval obtained
Destruction Methods
- Cryptographic erasure (encrypted data)
- Secure deletion with verification
- Physical media destruction (if applicable)
- Certificate of destruction generated
- Destruction logged in audit trail
Legal Hold Procedures
When litigation, investigation, or regulatory action is anticipated or pending, relevant records are placed on legal hold, suspending normal retention/destruction.
Triggering Events
- • Litigation filed or threatened
- • Regulatory investigation
- • Subpoena received
- • Internal investigation
Hold Implementation
- • Legal team issues hold notice
- • Relevant records identified
- • Destruction suspended
- • Custodians notified
Hold Release
- • Matter concluded
- • Legal team authorizes release
- • Normal retention resumes
- • Release documented