Policy Management is becoming even more critical to the success of compliance programs, and to business performance overall.
Companies have an immediate need for strong policy management, in that the Justice Department expects it as part of an effective compliance program. One could even argue that the seven elements of an effective compliance program according to the U.S. Sentencing Guidelines all hinge on effective policy management.
Beyond that, however, strong policy management is just good business sense. The tumult of 2020 has demonstrated time and again that companies must be able to assess, improvise, and formalize policy and procedure—more quickly, and on more subjects. If compliance officers embrace best practices for policy management, that’s possible. The result will be an enterprise better positioned for regulatory compliance risks, and one with a strategic advantage to succeed in turbulent times.
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