Using data from our survey of over 1,000 respondents located all over the globe, we produced our 2016 Ethics & Compliance Policy Management Benchmark Report and webinar in May. During the webinar, Carrie Penman and I talked through industry best practices that address many of the pain points our survey respondents identified. Among the most difficult challenges survey respondents faced included:
Challenge #1: Staying on Top of Policy Changes
The majority of survey respondents—47%—see this as their top challenge.
Our top recommendations for addressing this ongoing challenge? Appoint a policy committee and create a regular review process which includes soliciting regular input from subject matter experts (SMEs). Document the resulting changes you make to each policy (ideally in a policy management software system) and why the changes were made. Taking these steps will help you stay ahead of policy changes—and stay compliant with the ever-changing regulatory landscape.
What are your strategies for addressing these top challenges? Share your top approaches by leaving a comment here!
For a closer look at how NAVEX Global can simplify your organization’s policy management, schedule a demo of PolicyTech™ with one of our ethics and compliance experts today.