Policies are operating rules used to maintain order, security, consistency, or otherwise further a goal or mission. They are different from procedures in that procedures provide longer explanations of how a policy goal should be achieved. Policies are effective only if a close monitoring of changes and a regular review process are in place.
Policies and procedures provide a set of company rules and regulations as well as consequences for non-compliance.
Why is it important?
Policies are necessary for the protection of the organization as well as the employees. It is vital that policies are created, communicated, updated, managed, and enforced throughout the organization and its employees. An organization must be diligent on its policies because such diligence protects intellectual property, valuable data, and help to identify legal compliance for all related federal, state, and local statutes.
Mismanagement of policies can result in employee non-compliance which can expose an organization to increased legal risks and poorly executed processes. Additionally, an organization’s reputation can be significantly impacted by poor policy management.
What are the benefits of technologies?
Technology allows companies to make policies available, easily accessible, centralized, and easily stored and reviewed at any time. The review of policies when it is managed through a large technology architecture enables companies to proactively protect themselves by aggregating and reconciling compliance with historical and new regulations and requirements.
Additionally, the management of the policies through a common platform will consolidate information from the various departments (HR, Legal, IT, etc.) of the company’s motivating collaborative efforts from the different departments to safeguard corporate interests.