Grouping records so they can be found later, usually by business function or activity rather than by person. Not the same as a security classification.
Records classification is about findability: grouping records by the business function or activity they belong to, so they can be located by anyone later rather than only by the person who filed them. It is easy to confuse with security classification, but they are different things.
No. Records classification organises records by function or activity so they can be found; that is, a file plan. A security classification reflects sensitivity and handling rules. A record has both.
IAR turns terms like this into working practice: assets classified against your disposal authority, stewarded by position, and ready to evidence.