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It depends on the industry.
Finance has stricter regs about retention than most others.
Your finance data in any company may need to comply with regs, but may also need to comply with your legal team.
It really varies, even by company, or by business unit/vertical. Or class of data.
Compliance is an entire business itself. I've had to do compliance training every year, and not as someone who holds the keys to major data, but interacts within a company, and may handle different types of data.