Why Policy Management Is Key?

Every company should have well written, up-to-date and relevant policies and procedures to abide by their compliance program. However, unless these documents are reviewed regularly, managed or communicated to staff, management and auditors, their value is substantially depleted.The storage of these documents, policies and procedures is key when it comes to governance compliance and mitigating liability. The truth is, many companies just do not have adequate storage facilities to meet security requirements. Whether they are stored on intranet sites, or on paper, the sheer amount of documents can make any existing system seem over complicated and unwieldy.

Implementing a policy lifecycle management system such as PolicyHub, will provide a cost effective and manageable software solution to creating, updating and managing policies. There are many reasons companies decide to implement this software, mainly due to tightening controls surrounding governance and regulations, and to avoid harming the company’s reputation if there was a confidentiality breach. Making a system more cost effective is also a major advantage, why search for 10 minutes for a document when it is available in a fraction of the time using PolicyHub.

Centralising all policies and procedures using GRC software allows a company to track employees and their acceptance of key governance policies in one location rather than relying on paper and other unreliable systems. Having this information in one place allows the user to produce reports in real time, so they are able to view at a glance the action that needs to be taken.