What Is Policy Management & Why Does It Matter?

Introduction to Policy Management

In a world where policy management and compliance regulations are only increasing in both stature and scope, it is essential that organizations are prepared for not only the current regulatory environment but also what is coming on the horizon. As our expert advisory team will note, regulatory compliance is just the bare minimum. To truly protect your organization's reputation, you must be forward-thinking and embrace solutions across the entire enterprise. As the leading Enterprise Risk Management provider since 2005, LogicManager will help you bridge compliance silos, deliver policy oversight and development, and keep you ahead of the game for what’s to come.

What Is Policy Management?

Before sharing how our solution packages can help your organization sustain a thriving policy management program, it’s important to understand the basics of Policy Management and all of its functions. Policy Management refers to the systematic and organized process of creating, communicating, maintaining, enforcing, and monitoring policies and procedures within an organization. These policies and procedures are a set of guidelines and rules that dictate how the organization's employees and stakeholders should conduct themselves and make decisions within the scope of their roles and responsibilities. This is a critical function of any organization that, with time, will only become more complex. 

Why Is Policy Management Important?

Without a policy management software, keeping up with all your company’s policies can be time-consuming, costly, and difficult. Not only does failing to adhere to policy and compliance standards open your organization up to monetary damages, but the reputational damage can be irreparable once the trust with your customers is broken. As the See-Through-Economy has evolved into 2023, consumers have more insight than ever into the inner workings of who they choose to do business with and have a higher standard for how they should be treated. If they see that they do business with someone who can not adhere to the bare minimums of compliance, why would they continue to choose that vendor in the future?