Why your business should implement policy management software

Policies,Privacy,Policy,Settings,Information,Principle,Strategy,Rules

Having your brand or company values are essential, however, whatever your vision for your business, you need the policies and procedures in place to satisfy both internal and external expectations and to deliver for your clients or vendors. Your corporate policies are the foundation on which to base any future strategy and provide the clear principles and guidelines for your company and employees to follow. Adhering to your own policies and procedures is vitally important for your business’ reputation and continued success.

By creating a set of comprehensive, standard policies and procedures, you can create the base from which to make your business management and organizational structure run smoothly and set the right tone and culture you want from your workplace.

Even if your business has policies and procedures in place, without a consistent and effective management system you may find you are putting your business at risk by manually managing ever- evolving policies and procedures, trying to communicate and inform your employees and third parties of changes, and monitoring their continued compliance. If your business is still relying on outdated paper-based systems or storing information across shared files, not only are you more at risk of fines and litigation due to lack of accountability and human error, but you are more likely to suffer from inaccurate reporting and an increased number of compliance issues due to a lack of communication and correct data.

If you have identified key areas where your policy management is lacking, particularly if your business does not have a definitive understanding of what policies and procedures exist within your business structure, or who is responsible for monitoring and enforcing them, then it may be time for you to take back control of your governance and protect your business from the risks and fines associated with poor management and compliance.

Policy management software and the benefits for your business

With technology becoming the driving force for most businesses, automated solutions are becoming a “must have” in terms of management systems. Policy Management Software provides a consistent and robust automated process for management of corporate policies, exceptions, and regulations.

It also allows you to correctly communicate policies and procedures across your business or organisation to help ensure compliance by tracking acceptance, assessing comprehension and by managing any exceptions. This can simplify the policy management process, especially with ever changing regulations, and can keep you up-to-date in the fast-paced economic market.

This digital platform for creating policies, standards and control procedures can streamline your processes, minimize risk and compliance issues, whilst at the same time, giving your business the necessary framework to enhance business growth. But what else can policy management software offer your business?

Policy Creation and collaboration

Effective policy management starts with collaboration between management to identify which persons are responsible for policies and procedures. Having to create, edit, approve, and then manage a new policy can often be a long and disparate process without effective communication, document management and version control.

Due to the number of people involved when creating policies and procedures, especially as every policy must adhere to regulations and legal issues surrounding rules and regulations means there often needs to be a certain oversight by legal or compliance experts within your field of industry, effective collaboration is essential. With policy management software you can create all your policies, procedures, and regulations within the software itself, allowing for easy distribution amongst management and stakeholders. By automating this process, you can vastly reduce the amount of time it takes to approve and implement a policy or procedure, retain version control at all times, track any changes made and reduce human error and mismanagement.

Distribution and Visibility

All management software solutions offer a centralized repository for storage of documents and data. Policy management software is no exception, and by offering a central repository, you can store all policy procedures and the associated data and documents in an easily accessible single storage location. This centralized information pool allows information to be identified quickly and easily, optimizing your time and resources available.

Keeping all your policies in a digital, online location, helps with visibility and means they can be easily distributed company-wide. In this format, changes can also be made quickly to stay compliant with outside regulations and then swiftly distributed through the business.

Having full control over your policies is beneficial in keeping compliant with regulations and so a central repository is a key element in not just successful policy management, but for the organization of your business.

Communication & Access

Excellent communication is an essential component of policy management. Having better communication with your employees and making any policies or procedures easily accessible in a digital format, by allowing company-wide access, enables a greater uptake and compliance with policies. Accessibility and effective communication can also increase the value and importance that employees put on policy and procedure.

In the event of a changing situation or crisis, the ability to change company policies to reflect new circumstances is vital, especially to satisfy legal obligations and changing regulations, and that can only be achieved if you have an excellent communication system in place, such as the solution offered by policy management software.

Trying to communicate and implement new policies and procedures across an entire organization can prove a monumental task when done manually. By automating this process by using Policy Management Software, you can use the event triggers and notification tool to send a notification out to every employee concerned when a policy or procedure has been changed or is up for review.

Policy management software can also automate and enforce policy and procedure with the company-wide oversight it offers, which can also allow you to manage acceptance and exceptions and by clearly managing your exceptions, you ensure a better working environment for employees and are more likely to avoid management issues that may occur from any misunderstanding.

However, there will be times when there will be sensitive data involved in certain policies and procedures, and in certain industries, legal requirements regarding documents. Policy Management Software allows you to configure and control who sees what information and data, so you can restrict access as and when you need to. This helps protect both employees and your business and reduces your liability.

Due to the cloud/browser-based nature of policy management solutions, you can now access your policies and procedures from wherever you are, which is becoming imperative in the competition for business.

Risk Management

With stringent industry regulations in most sectors and an increasing crackdown on data privacy and use, ensuring your business and any third parties you may be in contract with, stay compliant with rules and policies should be a high priority for businesses.

Not only do organizations have to manage policies and procedures, but all trading activity, record keeping and managing all the administrative tasks regarding all information on any services procured. Automated policy management software is designed to make that process simpler and help protect your business with fact-based decision making and control over records and regulations.

To stay in control and mitigate the risks involved in business, policy management software can offer a stringent management system that allows specific policies and procedures to be sent to particular sets of employees who the policies are relevant to, and provides automated tracking and reporting features needed to track which employees are adhering to company policy and the overall employee understanding of policies and procedures.

These features mean you have an automated record of compliance, and you can easily demonstrate your accountability to any outside regulator, reducing the risk of financial penalties and the harm that may be caused to your reputation.

Policy management software can also help identify any risks that may occur before they pose a serious threat to your security. Continuous monitoring of possible violations is a helpful part of policy management software, and by having regular scheduled reviews of the automated information provided by a digital monitoring, your business can keep on top of any policy breach and quickly deal with any issues which can help protect against legal action.

Regular reviews are also essential when dealing with policies that are also subject to outside regulation. Keeping your policies up to date is vital to adhere to changing regulations and ensure you are compliant with all legal obligations. This is also useful for managing the risks posed by any third parties.

Policy management software from Symfact

The Symfact Policy Management Software provides a consistent process for management of corporate policies, exceptions, and regulations. The solution can be installed onsite or pure cloud-based and offers a centralized platform for creating policies, standards, and control procedures. It allows you to communicate policies across your enterprise, track acceptance, assess comprehension and manage exceptions.

Our Policy Management Solution is designed to be user-friendly and configurable with any existing processes, to give the best experience for our clients. Our integrated software features allow you to optimise your policy management and maximise the control and governance you have over your key policies whilst mitigating any risks from issues of non-compliance.

We can integrate our Policy Management Software into a range of systems, so you use your existing infrastructure to link policies and changes to regulations to employees across the organization, stakeholders and any third parties. This is important if you want to be able to minimize the risk of non-compliance fines and litigation.

As regulations and policies can often change, and compliance is an on-going process, any digital, automated policy management solution should include features to help support your business and make sure you get the maximum benefit out of the software, such as:

  • An automated tracking feature is essential to make sure any policy change is fully tracked in the audit logs, along with a timestamp and the user’s information. By auditing and tracking every step of a policy, procedural or regulatory change, businesses can hold employees and third parties accountable for their actions and give companies some security against non-compliance.
  • One of the most useful features of a policy management system is the automated reporting tool. It can be used to configure and track important milestones and events and trigger notifications to the relevant persons.
  • Due to the ever-changing nature around regulations and compliance, an online/browser-based management system is vital in this digital age. This enables you to monitor any current events or issues from wherever you are, which helps the policy management process run as smoothly as possible. All that is required is an internet connection.
  • Interactive dashboards can give you a quick visual overview on the governance of policy management and ensure you are implementing effective procedures and best practices.

If you want an easy-to-use, automated Policy Management Solution for better resource planning, performance, efficiency, and revenue, then Symfact can manage your policies and processes in one single system. We can discuss your requirements and configure the right solution to streamline your policies and procedures, maximize your business productivity and help manage compliance with improved communication and transparency. So, if you think this could help your business then please contact us today to book your free demo.