Policy Management

 

Policy Management

Well-written and well-communicated policies and procedures enable an organization to translate its vision into everyday operations. In today's highly regulated business environment, policies and procedures are all the more important because they help an organization establish "do's" and "don'ts" for their business to ensure compliance with regulations, and to build trust and credibility among regulators and stakeholders.

But as the number of compliance regulations rapidly grows, most organizations find policy management an increasingly complex task. There are many different kinds of policies that have to be managed – all of which involve extensive documentation. Then there is the challenge of effectively communicating these policies, and monitoring acceptance across global employees and suppliers. Many organizations use spreadsheets, emails, or point solutions for these processes – an approach that is not only time-consuming and laborious, but also prone to redundancies and duplication of effort.

MetricStream Policy Management Solution

MetricStream provides a flexible framework to integrate and streamline the complete policy management lifecycle - ranging from policy development, to policy implementation, communication, acceptance, exception tracking, and maintenance. The Web-based software provides a central repository that can be accessed from anywhere across the enterprise, enabling employees and suppliers to quickly search and retrieve the policies they need. The system also helps map policies to compliance regulations and controls to ensure that there are no loopholes or gaps. At every stage, powerful reporting and dashboard capabilities help in tracking each policy, giving managers complete visibility into the system.

Benefits of the MetricStream Solution

  • Provides a centralized framework for storing, organizing, and classifying all types of policies for employees, suppliers, vendors, partners, and others
  • Offers integrated collaboration and workflow tools to create, modify, review, and approve policy and procedure documents in a controlled manner.
  • Supports policy distribution through automatic notifications and alerts
  • Helps ensure that policy training requirements are fully met and recorded from a compliance standpoint
  • Helps evaluate policy acceptance across the enterprise through surveys, certifications, and self-assessments
  • Enables consistent and systematic procedures to capture, report, and track policy exceptions
  • Provides the extensibility to be used to manage other related processes such as compliance, internal audits, and supplier governance