Effectively Managing a Corporation’s Policy Statements

Developing standardized policies, processes, and procedures are an essential part of any company’s operations. Human resources, finance, and other departmental policies set up principles that help manage a company’s risk. Processes provide a map for employees to follow while handling information and procedures to establish the standards for a way of doing something. Larger corporations may develop dozens of new policy statements every month and, as a result, have begun to utilize Policy Management Software to make it easier for managers and employees to keep up to date on policy, process, and procedure documents. These software programs help streamline policy development, simplify deployment and training, and provide a smoother user experience for managers and employees.

Streamline Development

 As regulatory standards change, it is vital that companies quickly update policies related to governance, risk, and compliance.  GRC Management Software streamlines the development of GRC policies by allowing companies to create documents from scratch or search from a library of templates to adapt to a particular situation. Policy Management Software programs are not just limited to GRC policies, but can also be used for other departmental policies, processes, and procedures.  

Simplify Deployment and Training

 After policies are established, they need to be distributed within the company to ensure that all employees understand the content. In some cases, a policy may require employees to acknowledge new policies or change to existing standards. Using a centralized system to keep track of which employees have signified that they understand policy changes is another way that Policy Management Software programs help track information and mitigate a company’s risk.

Provide Easier User Experience

 Long gone are the days of digging through policy binders, which required an enormous amount of personnel hours to keep updated every time a statement changed. Even the more modern shared cloud drives can be cumbersome to navigate if an employee doesn’t know exactly which folder to search in to find a particular policy, process, or procedure. Policy Management Software programs provide a centralized way to search for policies so that employees’ time can be used to implement policies, rather than search for them. 

 Finally, as remote teams are becoming more popular – whether out of company choice or because of a pandemic – ensuring compliance with company and government regulations becomes a more significant part of the job for Risk Managers. Having all a corporation’s policies, processes, and procedures online and searchable helps Risk Managers ensure employees are informed and demonstrates to investors and auditors that a corporation manages the risk associated with more employees working remotely.