Why Constant Change Requires Better Policy Management
Does your organization have a structured policy management process to keep policies aligned with regulatory change? Without a structured policy management process regulatory changes and policies are like leaves blowing in the wind. Managing the dynamic and interconnected nature of change and how it impacts your broader business is driving strategies to become more effectiveness, efficient, and agile.
Your organizations need to start combatting the continuous barrage of regulatory change and consider the full scope of change organizations face today. Modern organization are confronted by:
- Regulatory change. Your organization is confronted by hundreds to thousands of changing regulations, enforcement rules and actions, and much more.
- Internal business environments. Your organization is also confronted with a revolving door of employees, changing relationships, processes, strategies, and new technologies.
- External risk environments. External risks are constantly changing in their nature and frequency, making it difficult for your organization to stay on top of.
Managing this constant change and keeping it in sync with your organization overall strategies and goals across all of these environments is incredibly difficult, especially if your organization lacks a structured policy management strategy and program. Your organization may allocate significant resources towards keeping your organization in sync with regulatory change, but that does not mean you are in compliance with regulations if that change is not consistent and in sync with external and internal changes.
Change in one area can cascade into something larger and impact processes, people, policies, and your organization as a whole. Your organizations may not possess the necessary policy management infrastructure and strategy to communicate, train, and manage these changes, but could significantly benefit from a more comprehensive and consistent policy management strategy and system.
Featured in: Policy Management