Making Policy Management More Effective
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Policies and procedures are crucial to organizational success.
They set the tone for the organization’s risk tolerance and show the support for compliance expected of each employee in their daily activities. Unfortunately, financial services organizations often don’t meet regulators’ policy expectations.
- Do you have policies and procedures for all the products and services you provide?
- Are they updated to address recent regulatory changes?
- Do all the policies and procedures align?
- Are the most recent versions easy to understand and find?
- Are policies and procedures communicated across the organization?
- Do you have audit reporting capabilities?
So, what can compliance professionals do to make their policy management process more effective? The answer is to use dedicated policy management software.
In this article, BAI lays out the biggest areas of ineffectiveness facing compliance professionals and how policy management software can address these issues. Topics covered include:
- Knowing what policy updates to make
- Utilizing automated communications
- Self-service solutions to build a culture of compliance
To learn about these topics and how the BAI Policy Manager can make your policy management processes more effective, download our article: Making Policy Management More Effective.