Why is Policy and Procedure Management Important?

As the volume of regulations and legal requirements and the associated efforts and costs for achieving compliance is ever increasing, there are some key questions that organizations need to ask themselves:

• What is our risk and financial exposure if policies and procedures are not followed or are not auditable, and we are out of compliance?
• Do we spend a lot of time, money, and effort creating, acquiring and handling an ever increasing number of policies & procedures that need editing, review, and approval by multiple people?
• Is it important to have our employees agree, in writing, to policies and procedures that affect their job, performance, or personal behavior?

Policies and Procedures (P&Ps) are often considered a necessary evil and given little attention until something goes wrong. If your critical procedures aren’t managed right based on policies, you waste time and money—and risk non-compliance, costly errors, or worse. Not only is your organization at risk, it can’t operate to its highest potential. In today’s competitive and highly regulated environment, you can’t afford that.