Setting and Monitoring Policy and Procedure Success Metrics
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Do you know how effective your policies are?
Today, many financial services organizations only measure how many policy and procedure acknowledgements they receive. While this is important, acknowledgements only show how many employees have read through the materials. Regulators need to see if each policy and procedure is effective at achieving its intended purpose. To demonstrate to regulators that their policies and procedures are effective, organizations should set and monitor key performance indicators (KPIs) on their policies and procedures.
In this article, BAI highlights key metrics organizations should benchmark to measure effectiveness throughout a policy and procedure’s lifecycle. Topics covered with associated metrics include:
- Policy and procedure completions
- Attempts per completion
- Incident mitigation
- Performance improvement
To learn more about critical KPIs that can help your organization measure the success of its policy and procedure programs, download BAI’s article "Setting and Monitoring Policy and Procedure Success Metrics" today!