What is Policy Management Software?

Posted on June 4, 2020.

What is one vital tool all compliance-focused companies, big or small, should have?

Policy management is the holding place and life cycle of a company’s important policy and procedural paperwork, such as operating rules, general guidelines, and compliance and legal requirements.

But good policy management is so much more than that and having software to assist with the management of the end-to-end policy or procedure lifecycle can be of great assistance.

It’s also where employees and teams across continents can create, collaborate, authorise, upload, update, and distribute the policies and procedures that keep a company functioning properly and healthily.

There are a variety of primary reasons why policy management software is vital for companies in this day and age:

  • It keeps employees on the same page: Remember the days when employees were handed a piece of paper that stated their company’s policies? And then policies changed, someone dropped the ball, and half the team wasn’t notified, making employees feel sad, confused or underappreciated? Thankfully those days are long gone, and policy management ensures all employees are informed. Every time a policy or procedural update is made, selected team members will be notified, meaning no more frowny faces or confusion. Other unique features of most policy management software include the ability to test employees to ensure they understand current or updated company policies AND the ability for employees to access documents in different languages.
  • It keeps a company compliant: Lawsuits and violations. Those two words alone are a reason to implement policy management into a business. Streamlining is the key to mitigating human risk. Policy management allows employees to have access to updated policies pertaining to federal and state laws, putting the company in a strong position to defend themselves if the worst-case scenario happens AND to ensure their employees and leadership are protected.
  • It helps with security: Having a protected centralized holding place where global employees can access important security information helps lower the likelihood of sensitive information being transmitted in insecure ways. It also helps IT teams across continents to stay concurrent in IT protocols and security.
  • It boosts productivity: When you have thousands of employees across multiple continents, it’s a challenge to keep everyone on the same page. That’s why policy management is needed more than ever. When employees are on the same page, a business is less likely to have errors, miscommunication, liabilities, and slumps in workplace morale.
  • It streamlines processes: Instead of employees hunting down files on old servers or having a million different logins to access company paperwork, policy management puts everything in one place. This makes it easier than ever for an employee in South Korea to see the same exact document, at the same exact time, as an employee in London.
 

If you want to maintain order, security, and consistency at your company, policy management is a must. With over 20 years of experience, we’ve helped companies in industries such as government, infrastructure, financial services, aerospace, military, and energy stay streamlined and secure. Book a demo to see how our Sword Policy Manager might be a good fit for you.