Striking the right balance between risk mitigation and the commercial demands of the business is an essential skill, which must be adapted according to the nature of your industry and the size, culture and risk appetite of your organization. This role needs to have clear ownership at senior management level.
Organizations need to take a systematic and proactive approach to risk mitigation if they are to be better prepared to satisfy evolving legal and regulatory requirements, manage the costs of compliance and realize competitive advantage.
Achieving and maintaining policy compliance becomes more difficult to sustain as organizations grow and become more geographically dispersed and more highly regulated. But, it doesn’t have to be this way.
Policies and procedures establish guidelines to behavior and business processes in accordance with an organization’s strategic objectives. While typically developed in response to legal and regulatory requirements, their primary purpose should be to convey accumulated wisdom on how best to get things done in a risk-free, efficient and compliant way.
Those organizations that are serious about staff reading, understanding and signing up to policies should consider adopting automated policy management software. This raises standards of policy compliance and provides managers with practical tools to improve policy uptake and adherence.
This slideshow features six secrets for effective policy management, as identified by Cryptzone.
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