MANAGING POLICY, COMPLIANCE AND RISK THROUGH EFFECTIVE USE OF TECHNOLOGY AND SOFTWARE
RC: Given the extent to which the regulatory landscape is becoming more demanding, how is technology and software being used improve the efficiency of companies’ governance and compliance procedures?
Penman: This question is well-timed as, according to our 2016 Ethics & Compliance Policy Management Benchmark Report, “keeping policies up to date with new and changing regulations” is the top challenge in policy management. To meet this challenge, many companies are choosing automation software to help manage the overwhelming manual administration required by the procedure management processes. Robust, scalable and flexible policy and procedure management software provide central, accessible and secure locations for policies. It can also standardise the document creation process, automate version control and archiving and automate the attestation process to ensure that policies and procedures are reaching their intended employee audience. Software is effectively reducing risk while maximising the return of a well-run compliance programme and allowing compliance officers to focus more time and energy on interacting with employees and leadership directly.
Jan-Mar 2017 Issue