Conversation data is collected through various mediums such as written and spoken communication, including video conferencing applications, telephony, recorded audio/video, emails, social media interactions, and more. The primary reasons for storing conversation data include historical context, analytics, data labeling, reinforcement learning, and taking action. However, these conversations are stored at rest, raising security and privacy concerns. Understanding the motivations behind collecting and storing conversation data is crucial to developing a conversation data retention policy that addresses regulatory compliance, data classification, storage types, and deletion procedures. A well-documented and designed policy can help avoid accusations of misappropriating data, minimize risks in data breaches, and improve bottom-line efficiency by effectively storing data based on retention requirements.