Benchmarking Your Policy & Procedure Management Program in 2017
•Descargar como PPTX, PDF•
1 recomendación•1,953 vistas
Learn the key finding of NAVEX Global's 2017 Policy & Procedure Management Benchmark Report including the state of policy management; modern processes and tools; impact of legal and regulatory risks; and key takeaways and recommendations.
Recomendados
Recomendados
Más contenido relacionado
La actualidad más candente
La actualidad más candente (18)
Similar a Benchmarking Your Policy & Procedure Management Program in 2017
Similar a Benchmarking Your Policy & Procedure Management Program in 2017 (20)
Último
Último (20)
Benchmarking Your Policy & Procedure Management Program in 2017
- 1. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 0 Benchmarking Your Policy & Procedure Management Program in 2017 Presented By Carrie Penman | Chief Compliance Officer & SVP, Advisory Services Randy Stephens | Vice President, Advisory Services
- 2. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 1www.navexglobal.com Carrie Penman Chief Compliance Officer Senior Vice President, Advisory Services NAVEX Global Presented By Randy Stephens Vice President, Advisory Services NAVEX Global
- 3. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 2www.navexglobal.com • The Importance of Policy Management to Your Overall E&C Program • Key Findings - State of Policy Management Today - Processes & Tools Used for Policy Management - Policy Management’s Impact on Legal & Regulatory Risks • Key Takeaways & Recommendations • Q&A + Additional Resources Agenda
- 4. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 3www.navexglobal.com The Right Solution to Meet Evolving Ethics and Compliance Challenges Our Ethics & Compliance Ecosystem Policies and procedures lay the groundwork. They are the backbone of your organization’s culture and set expectations for employee behavior and conduct.
- 5. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 4www.navexglobal.com Centralize, Standardize & Control PUBLISH / ARCHIVECREATE Draft Reviewers Approval Distribute Attestation Queue for Later Release Publish Document owner Archive Policy draft Subject Matter Experts Approver Users
- 6. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 5www.navexglobal.com Key Findings • Automated software solutions deliver a higher return on investment (ROI) − The top three policy management challenges can all be remedied with automated policy management software: training employees, meeting the demands of legal compliance and improving version control. • Programs are moving toward policy management systems − Top justifications from senior management to purchase a purpose-built policy management software parallel the highest rated features of those organizations currently using a technology for policy management. • Document Management (such as SharePoint®) cannot replace the value of Policy Management − Organizations with automated policy management software are twice as likely to be satisfied with their program as those without a commercial solution. • One quarter (27%) of organizations had legal action in the past three years due to a policy coming under review − Nearly half (44%) believe they avoided legal action or reduced costs due to their policy management program. − Organizations experienced an average cost of $53,522 per incident, with the largest settlement at $1,200,000.
- 7. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 6www.navexglobal.com 1,137 professionals participated in our independent and anonymous survey Policy & Procedure Benchmark Statistical Snapshot
- 8. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 7www.navexglobal.com Key Findings STATE OF POLICY MANAGEMENT TODAY
- 9. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 8www.navexglobal.com What Is Your Top Policy Management Challenge? • Keeping policies up-to-date with new and changing regulations • Training employees on policies • Improving version control, reducing policy redundancy and inaccuracy • Meeting the demands of legal compliance • Providing easy access to the most current policies and procedures • Other (Please use chat window)
- 10. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 9www.navexglobal.com Top Policy Management Challenges: Training Employees & Keeping Up With Changing Laws & Regulations
- 11. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 10www.navexglobal.com Policy Management Programs are Managing Large Quantities of Policies & Procedures as Several Different Types of Documents
- 12. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 11www.navexglobal.com Smaller Organizations of Only 500 Employees Are Still Managing Around 30 Policies & 75 Procedures.
- 13. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 12www.navexglobal.com Nearly Three-Fourths of Organizations Describe Their Approach As Maturing or Advanced
- 14. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 13www.navexglobal.com Multiple Stakeholders Own Policy & Procedure Management
- 15. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 14www.navexglobal.com Budget Ownership & Dollars are Fragmented
- 16. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 15www.navexglobal.com State of Policy Management Today • Ensure you have a clear and communicated definition of policy vs. procedure • Multiple stakeholders are responsible for writing, reviewing and approving policies • Those managing the policies may not be the ones with the budget to purchase the software, which means departments need to work together to come up with the budget and processes for creating an effective policy management program • Most organizations need to prioritize budget in order to run effective policy management programs • Even small organizations are managing a large number of policies and procedures
- 17. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 16www.navexglobal.com Key Findings PROCESSES & TOOLS USED FOR POLICY MANAGEMENT
- 18. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 17www.navexglobal.com Do You Currently Use an Automated Policy Management System? • Yes • No, but it is a priority now • No, it is not a priority
- 19. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 18www.navexglobal.com Purpose-Built Software Users Report Better Access to Features
- 20. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 19www.navexglobal.com Opportunity to Educate Leadership On the Broader Range of Benefits Senior Management Values Automation Features of Software
- 21. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 20www.navexglobal.com Most Valuable Features of Automated Policy Management
- 22. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 21www.navexglobal.com Multiple Benefits Identified of Relative Equal Importance
- 23. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 22www.navexglobal.com Maturing / Advanced Organizations Give Significantly Higher Ratings for Each Area of Policy Management
- 24. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 23www.navexglobal.com Policy Management Software Integrates Processes Company-Wide
- 25. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 24www.navexglobal.com Most Organizations Review Policies Annually
- 26. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 25www.navexglobal.com Processes & Tools Used for Policy Management • Document management cannot replace the audit-trails, attestations and automated workflows of a policy management software • Managing all policies and procedures in a centralized repository provides organizations with myriad of benefits from policy quality to employee access • Senior management is more likely to justify the purchase of a policy management system based on efficiencies and automation
- 27. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 26www.navexglobal.com Key Findings ADDRESSING LEGAL & REGULATORY POLICY-RELATED RISKS
- 28. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 27www.navexglobal.com In The Last Three Years, Has Your Company Faced Legal Or Regulatory Action Where A Policy Came Under Review? • Yes, we faced legal or regulatory action resulting in a policy coming under review • No, we did not face any legal reaction where a policy was reviewed • I don’t know
- 29. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 28www.navexglobal.com Over One Quarter of Organizations Recall Legal Action in the Past Three Years When a Policy Came Under Legal Review
- 30. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 29www.navexglobal.com Audit Trails with Policy Management Software Can Save Valuable Time Discovery & Investigation are the Most Costly Elements of Litigation
- 31. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 30www.navexglobal.com Over Two-Thirds of Respondents Require Employee Attestation
- 32. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 31www.navexglobal.com Addressing Legal & Regulatory Policy-Related Risks • Both small and large organizations face legal or regulatory action on a policy coming under review • Audit trails and reporting capabilities of an automated policy management system are crucially important to saving time in discovery and investigation • Commercially developed policy management programs free up resources to focus on other key aspects of effective policy management programs • The reduction of fees, fines and resources needed to respond to regulatory and litigation demands provides additional ROI for purchasing this type of a solution
- 33. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 32www.navexglobal.com Key Takeaways and Recommendations
- 34. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 33www.navexglobal.com Key Takeaways & Recommendations • Dedicate budgets and resources for policy management • Automate policy management to save time and reduce cost • Launch a risk assessment to identify where your policy management and other E&C risks may be • Track attestations consistently and keep records in a centralized place to be ready in case of legal action • Consider how you can use policy management tools to meet third party and auditor needs
- 35. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 34www.navexglobal.com Additional Resources • Tools & Thought Leadership: http://www.navexglobal.com/en-us/ resource-center • The Definitive Guide to Policy Management: http://www.navexglobal.com/en- us/resources/referenceguide/Definitive- Guide-Policy-Mgmt • Free 30 Day PolicyTech Trial: http://www.navexglobal.com/en-us/freetrial • Policy Management ROI Calculator: http://navexglobal.com/policyroi • More Benchmarking Resources From NAVEX Global: − Hotline & Incident Management Report − Third Party Risk Benchmark Report − Training Benchmark Report • Consulting Solutions: − Learn more about how the experts on our Advisory Services team can help you identify and address program gaps, review or create policies, provide risk and culture assessments and more. Request a consultation today.
- 36. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 35www.navexglobal.com Join Compliance Next!
- 37. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 36www.navexglobal.com I’d Like to Talk with a NAVEX Global Expert About… • Assessing the effectiveness and defensibility of my current policy management program • Getting an estimate of what policy management is costing my organization today • Managing policy risks related to my third parties and vendors • Integrating policies into my incident management system • Training my employees on policies and procedures • Other compliance challenges • No, Thank you
- 38. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 37www.navexglobal.com Questions?
- 39. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 38www.navexglobal.com Thank You!
Notas del editor
- Our Software: Industry-leading solutions that standalone to meet immediate ethics and compliance needs, but also integrated to ensure that critical components of your ethics and compliance program management are connected. This includes our incident management, policy management and enterprise due diligence software. Our Services: Advisory Services: We are home to the industry’s foremost group of compliance experts – most of whom are former in-house ethics and compliance officers or former DOJ prosecutors – who assist organizations of all sizes with their ethics and compliance responsibilities – from program evaluations or, as mentioned, policy and code writing services. Their work and experience also helps to shape our own software solutions through their unique knowledge and work with clients.
- Top justifications from senior management to purchase a purpose-built policy management software parallel the highest rated features of those organizations currently using a technology for policy management: (1) centralizing policies and procedures, (2) document management and versioning, (3) improving employee access, and (4) audit trails.
- Top Industry
- In 2016 – top concern was keeping up with changing laws and regs
- Coaching on difference between policies and procedures Later discussion on policy on policies
- Definitions: Reactive: We don’t have best practices in place. When an issue or a need arises we create a policy to address it. Basic: Policy authorship happens in silos. Department managers create policies on their own, using Word, Excel, or other tools we already have. There is not a common practice for authoring or publishing policies. Maturing: Our policies are centralized and translated as appropriate (through a shared folder or intranet). We have a system for updating them and controlling different versions, but policy processes like authoring, reviewing, publishing and collecting signatures are not software-driven or automated. Advanced: We have a software-driven or automated solution in place that standardizes the creation and review of policies, responds to regulatory change and reduces the time it takes to write, approve, find, distribute and certify policies in multiple languages.
- Active Stakeholders when it comes to REVIEW and APPROVAL of Policies and Procedures are similar but in a slightly different order: (1) Legal, (2) HR, (3) Ethics and Compliance, (4) Finance, (5) Information Technology, (6) Risk Management, (7) Internal Audit
- Low budget / less than $25k or no budget at all
- Non Commercial Software would include SharePoint or other in-house systems Organizations With Automated Policy Management Software Are 70% Satisfied Compared to only 29% of those with in-house solutions
- Senior management is most likely to support automation to ensure access and consistency of policies and procedures. As the program moves along a continuum of maturation, automation can provide additional benefits. The automation solution can produce many additional benefits to efficiency, risk reduction and your bottom line. The value proposition for purchasing commercially developed policy management software should include education about the broader range of benefits which may help move the organizations policy management program from Basic to Maturing/Advanced.
- Senior management valued these same top four features as reasons to justify the purchase of policy management software. This reflects an alignment between value of the software and budget to purchase.
- We just talked to the most important elements of automated policy management software, and CENTRALIZED REPOSITORY was ranked at the top. Here we dive into those using a centralized/standardized software solution for policy management, and we can see that users value multiple benefits of this system at levels in relatively equal importance.
- Advanced – have a policy management software with automated workflows for the creation/review of policies, response to regulatory change, distribution and certification of policies in multiple languages Maturing – Policies are stored in a shored folder / intranet. Systems are in place for updating but processes of writing/reviewing/attestation are not automated or software-driven. Full Definitions: Reactive: We don’t have best practices in place. When an issue or a need arises we create a policy to address it. Basic: Policy authorship happens in silos. Department managers create policies on their own, using Word, Excel, or other tools we already have. There is not a common practice for authoring or publishing policies. Maturing: Our policies are centralized and translated as appropriate (through a shared folder or intranet). We have a system for updating them and controlling different versions, but policy processes like authoring, reviewing, publishing and collecting signatures are not software-driven or automated. Advanced: We have a software-driven or automated solution in place that standardizes the creation and review of policies, responds to regulatory change and reduces the time it takes to write, approve, find, distribute and certify policies in multiple languages.
- Reactive/Basic Organizations are Nearly Four Times as Likely to Review Policies Reactively After an Issue Has Been Raised
- Stat to go with the first bullet point: Document management systems don’t cut it when it comes to policy management – organizations with Automated Policy Management Software Are 70% Satisfied Compared to only 29% of those with in-house solutions like SharePoint
- In the last three years, has your company faced legal or regulatory action, where a policy came under review For this purpose, we excluded the I don’t know answers.
- Showing that a lot of people in the “unsure” don’t have automated software so they were unable to track this trail / spending more time Automated software allows people to track and control more effectively – and measure it.
- Employee Attestation Requirement Decreased 7% from 2016 Findings
- Freeing up resources to focus on other key aspects of effective policy management would include: keeping detailed records on all policies and maintaining documented guidelines for policies Additional education on the reduction of fees, fines and resources needed to respond to regulatory and litigation demands provides additional ROI for purchasing this type of a solution
- We have some great additional resources including a best practice guide to policy management and an ROI Calculator to see how much time and money can actually be saved on your current processes.
- Also, since you’re interested in benchmarking and improving your policy program, we’d like to invite you to join Compliance Next. Compliance Next is a community-driven website that offers accelerated education, program guidance and skill enhancement through best-practice examples, how-to videos, research, regulatory updates and the ability to interact with others in the compliance community. You’ll also have exclusive access to PolicyShare, a community-populated library of policy templates and samples to get you started. You can also contribute your own! We’d love to encourage everyone on this call to join today at www.compliancenext.com
- With that, we’re going to dive into your questions. The poll on the screen is optional, but gives you the chance to let us know if you’d like additional one-on-one guidance from us at NAVEX Global. We’ll leave this on the screen for a few minutes as we begin the Q&A. [LEAVE ON SCREEN: BEGIN ANSWERING QUESTIONS]