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2017 Policy Management Benchmark

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2017 Policy Management Benchmark

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2017 Policy Management Benchmark

  1. 1. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 0 Benchmarking Your Policy & Procedure Management Program in 2017 Presented By Carrie Penman | Chief Compliance Officer & SVP, Advisory Services Randy Stephens | Vice President, Advisory Services
  2. 2. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 1www.navexglobal.com Carrie Penman Chief Compliance Officer Senior Vice President, Advisory Services NAVEX Global Presented By Randy Stephens Vice President, Advisory Services NAVEX Global
  3. 3. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 2www.navexglobal.com • The Importance of Policy Management to Your Overall E&C Program • Key Findings - State of Policy Management Today - Processes & Tools Used for Policy Management - Policy Management’s Impact on Legal & Regulatory Risks • Key Takeaways & Recommendations • Q&A + Additional Resources Agenda
  4. 4. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 3www.navexglobal.com The Right Solution to Meet Evolving Ethics and Compliance Challenges Our Ethics & Compliance Ecosystem Policies and procedures lay the groundwork. They are the backbone of your organization’s culture and set expectations for employee behavior and conduct.
  5. 5. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 4www.navexglobal.com Centralize, Standardize & Control PUBLISH / ARCHIVECREATE Draft Reviewers Approval Distribute Attestation Queue for Later Release Publish Document owner Archive Policy draft Subject Matter Experts Approver Users
  6. 6. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 5www.navexglobal.com Key Findings • Automated software solutions deliver a higher return on investment (ROI) − The top three policy management challenges can all be remedied with automated policy management software: training employees, meeting the demands of legal compliance and improving version control. • Programs are moving toward policy management systems − Top justifications from senior management to purchase a purpose-built policy management software parallel the highest rated features of those organizations currently using a technology for policy management. • Document Management (such as SharePoint®) cannot replace the value of Policy Management − Organizations with automated policy management software are twice as likely to be satisfied with their program as those without a commercial solution. • One quarter (27%) of organizations had legal action in the past three years due to a policy coming under review − Nearly half (44%) believe they avoided legal action or reduced costs due to their policy management program. − Organizations experienced an average cost of $53,522 per incident, with the largest settlement at $1,200,000.
  7. 7. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 6www.navexglobal.com 1,137 professionals participated in our independent and anonymous survey Policy & Procedure Benchmark Statistical Snapshot
  8. 8. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 7www.navexglobal.com Key Findings STATE OF POLICY MANAGEMENT TODAY
  9. 9. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 8www.navexglobal.com What Is Your Top Policy Management Challenge?
  10. 10. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 9www.navexglobal.com Top Policy Management Challenges: Training Employees & Keeping Up With Changing Laws & Regulations
  11. 11. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 10www.navexglobal.com Policy Management Programs are Managing Large Quantities of Policies & Procedures as Several Different Types of Documents
  12. 12. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 11www.navexglobal.com Smaller Organizations of Only 500 Employees Are Still Managing Around 30 Policies & 75 Procedures.
  13. 13. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 12www.navexglobal.com Nearly Three-Fourths of Organizations Describe Their Approach As Maturing or Advanced
  14. 14. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 13www.navexglobal.com Multiple Stakeholders Own Policy & Procedure Management
  15. 15. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 14www.navexglobal.com Budget Ownership & Dollars are Fragmented
  16. 16. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 15www.navexglobal.com State of Policy Management Today • Ensure you have a clear and communicated definition of policy vs. procedure • Multiple stakeholders are responsible for writing, reviewing and approving policies • Those managing the policies may not be the ones with the budget to purchase the software, which means departments need to work together to come up with the budget and processes for creating an effective policy management program • Most organizations need to prioritize budget in order to run effective policy management programs • Even small organizations are managing a large number of policies and procedures
  17. 17. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 16www.navexglobal.com Key Findings PROCESSES & TOOLS USED FOR POLICY MANAGEMENT
  18. 18. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 17www.navexglobal.com Do You Currently Use an Automated Policy Management System?
  19. 19. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 18www.navexglobal.com Purpose-Built Software Users Report Better Access to Features
  20. 20. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 19www.navexglobal.com Opportunity to Educate Leadership On the Broader Range of Benefits Senior Management Values Automation Features of Software
  21. 21. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 20www.navexglobal.com Most Valuable Features of Automated Policy Management
  22. 22. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 21www.navexglobal.com Multiple Benefits Identified of Relative Equal Importance
  23. 23. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 22www.navexglobal.com Maturing / Advanced Organizations Give Significantly Higher Ratings for Each Area of Policy Management
  24. 24. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 23www.navexglobal.com Policy Management Software Integrates Processes Company-Wide
  25. 25. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 24www.navexglobal.com Most Organizations Review Policies Annually
  26. 26. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 25www.navexglobal.com Processes & Tools Used for Policy Management • Document management cannot replace the audit-trails, attestations and automated workflows of a policy management software • Managing all policies and procedures in a centralized repository provides organizations with myriad of benefits from policy quality to employee access • Senior management is more likely to justify the purchase of a policy management system based on efficiencies and automation
  27. 27. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 26www.navexglobal.com Key Findings ADDRESSING LEGAL & REGULATORY POLICY-RELATED RISKS
  28. 28. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 27www.navexglobal.com In The Last Three Years, Has Your Company Faced Legal Or Regulatory Action Where A Policy Came Under Review? • Yes, we faced legal or regulatory action resulting in a policy coming under review • No, we did not face any legal reaction where a policy was reviewed • I don’t know
  29. 29. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 28www.navexglobal.com In The Last Three Years, Has Your Company Faced Legal Or Regulatory Action Where A Policy Came Under Review?
  30. 30. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 29www.navexglobal.com Over One Quarter of Organizations Recall Legal Action in the Past Three Years When a Policy Came Under Legal Review
  31. 31. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 30www.navexglobal.com Audit Trails with Policy Management Software Can Save Valuable Time Discovery & Investigation are the Most Costly Elements of Litigation
  32. 32. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 31www.navexglobal.com Over Two-Thirds of Respondents Require Employee Attestation
  33. 33. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 32www.navexglobal.com Addressing Legal & Regulatory Policy-Related Risks • Both small and large organizations face legal or regulatory action on a policy coming under review • Audit trails and reporting capabilities of an automated policy management system are crucially important to saving time in discovery and investigation • Commercially developed policy management programs free up resources to focus on other key aspects of effective policy management programs • The reduction of fees, fines and resources needed to respond to regulatory and litigation demands provides additional ROI for purchasing this type of a solution
  34. 34. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 33www.navexglobal.com Key Takeaways and Recommendations
  35. 35. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 34www.navexglobal.com Key Takeaways & Recommendations • Dedicate budgets and resources for policy management • Automate policy management to save time and reduce cost • Launch a risk assessment to identify where your policy management and other E&C risks may be • Track attestations consistently and keep records in a centralized place to be ready in case of legal action • Consider how you can use policy management tools to meet third party and auditor needs
  36. 36. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 35www.navexglobal.com Additional Resources • Tools & Thought Leadership: http://www.navexglobal.com/en-us/ resource-center • The Definitive Guide to Policy Management: http://www.navexglobal.com/en- us/resources/referenceguide/Definitive- Guide-Policy-Mgmt • Free 30 Day PolicyTech Trial: http://www.navexglobal.com/en-us/freetrial • Policy Management ROI Calculator: http://navexglobal.com/policyroi • More Benchmarking Resources From NAVEX Global: − Hotline & Incident Management Report − Third Party Risk Benchmark Report − Training Benchmark Report • Consulting Solutions: − Learn more about how the experts on our Advisory Services team can help you identify and address program gaps, review or create policies, provide risk and culture assessments and more. Request a consultation today.
  37. 37. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 36www.navexglobal.com Join Compliance Next!
  38. 38. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 37www.navexglobal.com Questions?
  39. 39. Copyright © 2017 NAVEX Global,Inc. All Rights Reserved. | Page 38www.navexglobal.com Thank You!

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