How Policy Management Helps Your Organization Manage Risk More Effectively

Has your organization implemented an effective policy management framework to help manage risk? In today’s world, life is full of risk, and your organization can only hope to mitigate and manage it.

An efficient policy management is critical for risk management, as policies help your organization set goals and reach the desired performance. A well-managed and maintained set of policies is the backbone of a successful risk management program.

An effective policy management program helps your organizations ensure that:

• Every policy is a risk document. The very fact you have a policy means that someone has identified a risk and it was significant enough to write a policy to address your risks. Have you mapped your policies to your risks?
• There is an enterprise perspective of policies to address an enterprise perspective of risks. Organizations need to have a complete inventory of their policies across your organization, divisions, departments, and processes. With this inventory, your organization can cross-reference policies to risks gaining that enterprise perspective
• Policies are maintained. Risks are dynamic, and your organization changes along with risks. Policies have to be kept current to address the current risk exposure and mitigate it in a dynamic environment.

Your organization needs an effective resource to leverage policies to protect your organization against the rise in emerging risks. A well-documented set of policies and training helps the organization to prevent business application outages, compliance violations, security gaps, and reduces management time and effort. The Policy Management Capability Model helps the organization in the inventory, mapping, and monitoring of policies in a dynamic environment.