Understanding Policy Management

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We were doing control testing, third party risk assessments, corporate risk management, policy management, issue management, and a SOC 1 — all within AuditBoard, and all within one year of buying the tool.

Myles Gold

GRC Manager

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3 Benefits of an Effective Policy Management Workflow

Centralized Version Control

Effective policy management centralizes policies and procedures in one location and automatically ensures version control.

Simplify Collaboration

Utilize Microsoft Word interface to view, make changes, and comment within one document for easy collaboration with stakeholders.

Integrated Policies and Procedures

Link policies and procedures to controls and frameworks to gain insights into which policies are related to frameworks, and quickly surface which policies are impacted by identified control issues.

What Is Policy Management?

Policy management is the process of creating, implementing, and maintaining policies and procedures within an organization. An effective policy management program can significantly mitigate risks. In today’s ever-changing regulatory environment, organizations need to comply with multiple regulations and frameworks, and it is crucial to have a policy management program that can ease the pain of maintaining and communicating these key policies and procedures. When employees are able to easily access policies, they will be referenced more frequently, increasing the likelihood that employees are following proper procedures. Inefficient management of policies is time consuming and expensive. Organizations should recognize that an efficient approach to policy management is simple and accountable, has designated leaders, takes advantage of new technology, and allows governance, risk, and compliance specialists to better target resources.

How to Successfully Prepare for Security and Compliance Certifications

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Who Needs Policy Management?

If your organization has defined policies and procedures, you need policy management. The risk of employees not following policies and procedures is too high and can lead to noncompliance and regulatory fines. A policy management system should be the foundation of an organization’s governance, risk, and compliance program, headed by its compliance managers.

What Is the Purpose of Policy Management?

The purpose of policy management is to reduce risk and protect stakeholders within an organization. Effective policy management will centralize policies and procedures in one location and ensure they are easily accessible by employees. At the center of a well-established governance, risk, and compliance program is a well-managed and maintained policy management program. An established program helps define and communicate boundaries and expectations while guiding desired conduct for employees. Additionally, a policy management program will help employees understand governance and accountability structures, which in turn helps an organization achieve a culture of compliance.

How Can I Manage Policies with AuditBoard?

A comprehensive policy management system should be the foundation of an organization’s governance, risk, and compliance program in order to mitigate risks and avoid litigation. Simply having a set of policies is not enough to protect your customers, your employees, and your facilities. In today’s ever-changing regulatory environment, it is critical to have a policy management system that can adjust and adapt to the needs of your organization. Streamline information security and IT risk compliance across the enterprise — including SOC, ISO, PCI, NIST, CMMC, and more — in one integrated solution. CrossComply enables organizations to achieve and maintain compliance across multiple frameworks and teams by identifying gaps and creating a common controls framework to improve efficiency and collaboration. Drill down through executive-level dashboards and detailed reports to gain even more insight into your overall compliance posture.

Resources

Policy Management Resources

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