In the midst of a watchdog news cycle and regulatory environment, companies can no longer take a passive approach towards compliance. While overhauling the entire compliance function takes time, you can start improving your program by improving your policy management. Most regulatory bodies agree that the foundation for effective compliance programs is written policies and procedures. While manually overhauling your policies could prove a nightmare, the right software can handle most aspects of policy management for you.
Perhaps you are already sold on the fact that you need a policy management solution to prove your compliance to regulators. Perhaps you even feel a little frustrated. After all, you may understand the value of a policy management solution, but how can you make the case to your leadership team?
This whitepaper discusses how technology supports an effective compliance program in today’s regulatory environment, the value of a policy management solution and the returns on investment your leadership team can expect from implementing a solution. It walks you through how to talk about a policy management solution with your executive leaders, as well as the various risks of noncompliance.
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Preview for “Making the Business Case for a Policy Management Software System”
If you’re reading this paper, chances are that you’ve recognized the need for a robust, end-to-end policy management software system for your company.
That’s not surprising. It seems that every day brings news relating to corporate compliance. Regulators are continuously issuing new or updated regulations and specific guidelines for compliance. At the same time, companies are facing the risks of noncompliance: increasingly punitive fees, damage to their reputations and disruption to their business. In this environment, businesses face a threefold challenge:
- Posting policies and hoping employees read, understand and follow them is insufficient to meet today’s stringent regulatory demands as well as mitigate legal,operational and other risk.
- Taking a step further by attempting to manually track employees’ review of and compliance with policies is time-consuming and expensive — especially for growing companies and businesses with multiple locations.
- As laws and regulations rapidly evolve, policies across the entire company must keep up, creating a never-ending cycle of policy review, revision and distribution to employees.
THE BOTTOM LINE: A passive approach to policy management is a thing of the past. Meeting today’s stringent demands for regulatory and internal policy compliance while operating efficiently requires technology that offers the ability to easily and accurately manage, monitor and report on the company’s policies and employees’ adherence to policies.
Using a technology-enabled approach to policy communication, sign-off, testing, tracking and reporting helps to reduce risk, drive process efficiencies and ensure compliance across the enterprise.
But how do you convince your company’s senior management and board of directors that it’s time to invest in a policy management solution?
This paper includes information, tips and examples to help you build and present a business case that demonstrates how implementing a policy management software system will help your company manage policies more efficiently and prove that your company has an effective compliance program.