Policy Management Software
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What is Policy Management Software?
Policy management software supports the creation, review, editing, approval, storage, sharing, distribution, and tracking of organizational policies. These policies govern business and operational procedures, such as monitoring the use of company assets and employee behavior and ensuring data protection and privacy. Policy management software allows employees to digitally attest that they have read and understood the policies.
Policy management software automates a framework for governance that defines the culture of an organization, its behavior, values, and ethics. The use of this software facilitates regulatory compliance, bolsters risk management activities, and promotes adherence to corporate standards.
Policy management software offers collaboration tools that legal, IT, and business operations teams can use to work together. Integration tools are provided to access relevant information from related applications such as HR, governance, risk, and compliance platforms.
Sectors that are heavily regulated such as healthcare and financial services along with companies that have large and complex operations, especially benefit from policy management software. This software is used by compliance officers, executives, and legal departments.
Compliance issues have dramatically escalated due to the Covid19 pandemic. The introduction of many new federal, state, and local regulations has increased the compliance burden on businesses and organizations. Comprehensive and flexible policy management software helps mitigate those challenges.
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Policy Management Software Features
Policy management software will include many of these features:
- Centralized policy management
- Create, edit, review, approve, store, share, distribute, and track policies
- Customizable templates for different types of policies
- Automated workflow controls
- Digital attestation, e-signatures
- Policy repository
- Version control
- Audit Trail
- Search
- Metadata management
- Security and access controls
- Staff knowledge assessments
- Identify non-compliance with suggested corrective actions
- Performance monitoring
- Notifications when policies are due for review and when policies are changed
- Dashboards and reporting for regulators and auditors
- Collaboration tools
- Integration tools
- Mobile access
Policy Management Software Comparison
Consider the following when purchasing policy management software:
Business sector: Some policy management software products are tailored to support specific businesses such as healthcare, financial services, or IT.
Integrations: When policy management software is deployed as a standalone product, it will require integration with related solutions such as HR, health and safety, governance, risk, and compliance software platforms. Some products support integrations with office productivity tools such as SharePoint.
Deployment type: Cloud-based options are easily scalable and allow employees to access policies from anywhere. Organizations that are sensitive to storing documents in a third-party cloud may be better suited with an on-premises solution.
Pricing Information
Based on your requirements, most vendors offer custom quotes for policy management software. Entry-level offerings that provide basic document management can start at $100 a month. More robust offerings can range from $750 a month to over $10,000 a month depending on its features and the size of the policy teams and number of contacts. One-time onboarding fees can range from $2,500 to $8,000. Policy management software that is geared toward more complex requirements such as those within healthcare and financial services is more costly.