Policy management plays a vital role in an organization’s governance, compliance efforts, and risk mitigation strategies. However, it often brings about many hurdles that organizations must overcome. These obstacles, commonly known as “policy management challenges,” include various issues that can hinder the smooth development, distribution, enforcement, and upkeep of policies within an organization.
Compliance and HR professionals often encounter these enduring sources of frustration or inconvenience throughout the lifecycle of an organization’s policies. These challenges can manifest in various aspects of policy management, even if those processes are executed manually or through automation. Whether it involves creating policies that comply with regulations, getting them approved by relevant stakeholders, ensuring employee attestation and adherence, or dealing with technological intricacies, these challenges require careful consideration and strategic approaches.In the area of policy management, numerous pain points may exist, affecting various stakeholders involved in policy development, implementation, and enforcement. The causes and consequences of these pain points will vary from one organization to another, depending on factors such as the organization’s approach to policy management, its existing capabilities, and its recognition of the value of effective policy management.Let’s see the 5 common policy management pain points and how VComply solves them:
Organizations often have numerous policies covering different areas such as HR, cybersecurity, compliance, ethics, etc. Policy complexity and volume pose significant challenges for organizations as they strive to effectively manage and adhere to their policies and procedures. As organizations grow and evolve, they often accumulate a vast array of policies, covering diverse areas. Keeping track of all these policies, ensuring they are up-to-date, and communicating changes can become complex. Also, policies can be intricate and involve legal, technical, and procedural details. Creating clear and understandable policies that address all relevant aspects while avoiding ambiguity can be challenging.
This proliferation of policies can lead to an intricate web of regulations and guidelines that employees must navigate. The complexity arises not only from the sheer number of policies but also from the intricacies of each policy’s content, and specific requirements. Employees may find it overwhelming to decipher and apply these policies accurately, increasing the risk of non-compliance and costly mistakes.
Moreover, the constant evolution of regulations and industry standards adds to the complexity. Policies need to be updated and adapted to stay current with changing legal and operational landscapes. This means that organizations must not only manage the volume of policies but also keep them up-to-date and aligned with the latest industry best practices. Failure to do so can result in confusion, inefficiency, and legal liabilities. To address these challenges, organizations can implement policy management solutions that streamline the creation, distribution, tracking, and revision of policies, helping employees navigate the complexity and ensuring compliance with the ever-changing regulatory environment.
VComply includes a library of policy templates that organizations can use as a foundation for creating their own policies. These templates serve as a starting point, significantly simplifying the policy creation process. Organizations can customize these templates to align with their specific needs, saving time and effort.
Using VComply, you can effortlessly create policy documents using the VComply editor. You can also easily upload existing policy documents for future updates. The platform also allows you to organize policies into categories and link them to departments for centralized control. It lets you track document history, identify changes, and maintain an organized record of revisions for compliance and auditing.
The platform includes version control features that track changes made to policies over time. This helps organizations manage policy complexity by providing a clear audit trail of revisions and ensuring that employees are aware of the latest policy versions. It prevents the accumulation of multiple outdated policy versions. VComply streamlines the policy creation and approval process through automated workflows. This ensures that policies go through the necessary review and approval stages, reducing complexity by eliminating manual coordination and follow-ups.
A policy becomes invisible if it cannot be located when needed. Furthermore, a policy becomes invisible when it remains active but does not have anyone responsible for it, users utilizing it, or any awareness of its existence, despite the compliance or HR team continuing to process associated matters. This invisibility can lead to unpleasant surprises, potentially incurring significant costs, before raising awareness and prompting remedial actions.
Within large organizations, a common challenge arises when individuals struggle to locate the most recent versions of policies and procedures. This issue often persists because there is no clear ownership of the policy manual, with various people responsible for different sections holding their own distinct versions. In large enterprises, various departments frequently create their policies and distribute them using their preferred methods.
When updates are made to these policies, it becomes a daunting task to recall who possessed which version, and some individuals may even overlook the need to replace their old copies with new ones. Consequently, the organization finds itself in a situation where the latest version of policies remains uncertain, leading to diverse interpretations and actions based on different policy versions, often without awareness of the underlying issue.
VComply provides a centralized and easily accessible repository for all organizational policies. By having policies in one location, the policy portal, employees can quickly find the information they need, reducing the chances of policies going unnoticed.
The platform allows organizations to categorize and organize policies logically. This categorization makes it easier for employees to locate specific policies within the repository, reducing the risk of policies remaining invisible due to disorganization.VComply offers robust search functionality, enabling employees to search for policies using keywords, categories, or other criteria. This powerful search capability ensures that policies are readily discoverable, mitigating the issue of invisibility.
VComply can send automated notifications and reminders to employees regarding policy updates, training requirements, or compliance deadlines. These notifications help bring policies to the forefront of employees’ attention, making them less likely to remain invisible.
The policy approval process, characterized by iterative back-and-forth reviews, often emerges as a significant pain point in policy management. As policies navigate through various levels and departments for approval, the need for thorough scrutiny and alignment can lead to extended timelines and frequent revisions. This iterative nature can delay policy implementation and hinder agility. Balancing meticulous review for accuracy with timely execution becomes a challenge, particularly in large organizations with complex hierarchies. The delicate equilibrium between ensuring policy comprehensiveness and avoiding unnecessary bottlenecks underscores the nuanced difficulties of policy management’s review and approval process.
VComply allows organizations to create customized policy review and approval workflows. These workflows define the steps, participants, and timelines for reviewing and approving policies. By automating this process, VComply ensures that policies move through the necessary stages in a structured and timely manner. The platform assigns specific roles and permissions to individuals involved in the review and approval process. This ensures that only authorized personnel can make changes or approvals, maintaining security and compliance. Various policy owners/reviewers can be assigned to review and/or approve documents. Each workflow step can be assigned to users with the ability to formalize the workflows so consistent process steps are completed each time it is run.
VComply offers real-time collaboration features, enabling team members to work on policy drafts simultaneously. This fosters collaboration, reduces delays, and enhances the quality of policy reviews. Reviewers and approvers can provide comments and feedback directly within the platform. This facilitates communication and collaboration during the review process, leading to more comprehensive and well-vetted policies.
Policy attestation poses a significant pain point within policy management, requiring organizations to ensure that employees formally acknowledge their understanding and commitment to comply with specific policies. This process, while essential for legal and regulatory compliance, is plagued by challenges such as tracking and documenting acknowledgments accurately across a diverse workforce, ensuring timely completions, especially in remote work scenarios, addressing language barriers and the complexities of policies, and managing the logistical aspects of re-attestation after policy updates.
Balancing the need for attestation with employee engagement, avoiding communication fatigue, and integrating attestation systems seamlessly into existing workflows further compound the complexity, underscoring the intricate nature of ensuring employee adherence to organizational policies.
VComply lets you create diverse policy training assessments, including quizzes, knowledge checks, and scenario-based evaluations, to ensure comprehensive and effective policy training for employees. Distribute policy assessments and automate policy training data collection.
The Policy Portal serves as a centralized location for all approved policies within your organization. You can access the Policy Portal to view and attest to the policies that are required to be attested by you. VComply also sends you notifications and reminders to make sure you complete the necessary attestations on time. VComply ensures that the attestation process is seamless. On the Policy Workroom page, just click on the Read & Attest option to complete the attestation from your end. If the policy had a questionnaire or quiz attached to it, you would have to first complete it in order to attest to it.
The question of how policies fit into an organization’s compliance and risk program involves creating clear connections between various elements such as frameworks, controls, risks, and assets. However, this can be a policy management pain point due to several complexities. Organizations often need to adhere to multiple regulatory frameworks, industry standards, and internal policies. Ensuring that policies are in alignment with these frameworks can be challenging, as each may have specific requirements that need to be addressed. Policies need to define the controls that are necessary to achieve compliance. Mapping controls to policies and ensuring that they are consistently applied throughout the organization is a complex task, especially in large and decentralized organizations.
The platform allows organizations to customize policy mappings based on their specific compliance needs. This means that policies can be linked to relevant compliance programs – regulations, standards, and control frameworks that are applicable to the organization’s industry and operations. VComply enables the mapping of specific controls to individual policies. This ensures that each policy aligns with the controls necessary for achieving compliance. The platform facilitates the tracking of control effectiveness as well.
VComply provides a secure cloud-based repository for handling policies and procedures throughout their complete lifecycle. You can confidently create, review, approve, distribute, and monitor policies, with the assurance that only one official version is in circulation.
Additionally, the VComply platform incorporates a range of integrated tools intended to streamline your policy management responsibilities. Explore how these tools can be beneficial to both you and your organization.
Furthermore, the VComply mobile application empowers employees to access essential information from any mobile device, wherever they may be, ensuring convenience and accessibility.
Discover the immediate impact VComply can bring to your compliance program. Move beyond the limits of spreadsheets with a system of record designed for complete compliance management.
