What is Policy Management software?
Whatever its sector or size, every organization will have a suite of policies or procedures which provide the information and guidance which its leadership team, its employees and its external stakeholders require.
For organizations both large and small, the increasing scale of compliance and regulatory requirements means there is a growing need to adopt a consistent and efficient method of policy management.
The policies and procedures put in place by any organization are intended to offer guidelines on what actions will help it achieve its business ambitions while also fulfilling its necessary compliance and regulatory obligations.
The success of an organization’s policy and procedure management can only be assured if its procedures are regularly monitored, updated and understood by all its stakeholders.
By taking a proactive approach to the maintenance and management of its critical procedures and policies and ensuring these are communicated efficiently to all its stakeholders, it prioritizes compliance, manages its exposure to risk and adds value to its activities.
What are the benefits of Policy Management software?
As part of its risk management strategy, implementing a robust policy management framework helps protect your business, meet stakeholder expectations and ensure regulatory compliance.
CoreStream’s Policy Management software provides a flexible environment for implementing a robust policy management process within your organization, providing full control over data privacy, detailed audit trails and user-friendly dashboards.
Our platform enables organizations to communicate policies effectively, track acceptance and assess staff understanding, delivering a range of benefits across the business. CoreStream’s software solution:
- Improves efficiency and effectiveness of policy management.
- Provides visibility of policy performance to management and regulators.
- Enhances policy knowledge transfer.
- Reduces policy breaches.
- Eases administrative burden on employees.
What are the risks of not having a policy management software?
Inefficient policy and procedure management practices can present a variety of challenges, including impacting on valuable staff time and leading to avoidable expense.
Equally seriously, an ineffective approach to managing policies could cause the organization to be exposed to health and safety, regulatory or reputational risks which threaten the smooth running of its business operations.
The purpose of policy and procedure management software is to help the organization, as part of its overall risk management strategy, avoid an inconsistent approach to policy creation, presentation and management by streamlining the process of reviewing, updating and sharing information on its policy and procedure documents.
The key to the success of CoreStream’s policy management solution is its ability to improve accessibility to policy content.
Whilst policies need to be disseminated and read within an organization, the finer points of policy detail will naturally be forgotten between reads. CoreStream has a number of approaches to address this problem, for example allowing users to request policy details for common tasks, to obtain a succinct list of do’s and don’ts relevant to that task.
This approach helps create efficiencies by enhancing policy communication, driving compliance and a commensurate reduction in risk and improvement in operational effectiveness. Via centralized storage of policies, our intuitive policy management framework enables:
- Targeted dissemination of policies to relevant stakeholders.
- Task-specific policy detail with simple policy do’s and don’ts
- Integrated configurable Policy Training modules.
- Automated approval and review workflow.
- Mapping of policies to risks, processes, controls, and actions.
- Real-time reporting dashboards to highlight trends.