The Principles of Policy Management: Dynamic
Is your organization's policy management framework dynamic and designed for needed adjustments? Business today is incredibly dynamic. It changes rapidly, effecting strategy, business processes, employees, technology. Mergers and acquisitions, evolving risks, and new regulations only add to the volume of change and organization may experience. In OCEG’s Policy Management Capability Model, it outlines 10 universal principles of policy management - the tenth being dynamic.
“The policy management capability must be designed for continual improvement and adjustment as the business objectives and model, operations, and risk profiles change over time,” the Model states.
A policy management program needs to be dynamic to meet the needs of a change business environment. This includes:
- Agile policy development and communication. Where policies can be efficiently authored and communicated to employees to keep them relevant to a changing business context.
- Metrics on policies are monitored. Where policy effectiveness is monitored through defined metrics to understand policy engagement, issues, and more.
- Contextual monitoring. Where the organization is actively monitoring changes to business, risk exposure, and regulations to identify what policies need to change.
There is no one size fits all policy management program. Each organization needs to develop a policy management program that fits its culture, structure, and operations.
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