But I notice the record management module is not installed by default.
I google around and notice the 3.4d wiki documentation "Applying the Records Management AMP files" .. but in the guide, it is quite brief and a bit unclear what should i do next?
The Records Management module needed a lot of updating for v4.0 - it's pretty much complete and should be released after it's been through QA. I can't give you an accurate timescale for that however.