How To Simplify Regulatory Edits & Audits

About this Use case

PolicyTech ensures your policies and procedures are aligned with regulatory obligations so your employees stay current.

1. For anyone responsible for:

   Ensuring policies and procedures are current with regulatory obligations

2. Solution:

   PolicyTech® Policy & Procedure Management

3. View the series:

   PolicyTech® Use Cases

Read the Use case

Simplify Required Regulatory Edits & Audits

Ensure your policies and procedures are aligned with regulatory obligations so your employees stay current.

The Challenge:

The Solution:

Many organizations operate in a highly regulated environment that is subject to ever-changing regulations and statutes. This requires internal policy review, realignment, editing, publication and distribution of policy and procedure documentation to affected employees across the organization. Recognizing applicable regulatory changes, and identifying relevant policies and procedures that require edits, is a continuous challenge. Further, documentation on policy and procedure authors, editors, approvers, and readers can be difficult. Records are often incomplete or inaccurate.

PolicyTech® identifies individual documents by multiple criteria including policy category, regulatory standard, internal owner and other custom criteria. This allows for effective document search and retrieval, version control, policy alignment, and compliance validation. PolicyTech is designed to be a central repository for policy and procedure documentation. It provides a single source of truth for approved documents, version histories, and change summaries as well as easy accessibility for both internal and external auditors.

Audit-Ready Attestation Tracking

• Both new and revised policies go through a draft, review, rewrite and appoval process. Once complete, the system automatically distributes the policy to all specified employees required to read it.
• Employees can review documents and attest to having read and understood them, all within the system. Automated reminder emails are sent periodically until attestation is received. The system administrator can easily see who has reviewed each policies.
• The central repository – single source of truth – saves the attestation records for current and previous versions, making audit-ready reporting easy and hassle-free.

Benefits

• Audit-Ready Reporting: Run ad-hoc reports to know who has attested to having read a given policy, which version(s) they read, and even know their score on an optional comprehension quiz administered by the system.
• Version Control: PolicyTech’s automated version control assures the latest and most accurate policies and procedures can be quickly found, reviewed, and validated, making the audit process more efficient.
• Be Prepared for Any Audit: As a single source of truth for all your critical documents, full document histories are at your fingertips. You can see in the records when regulations or other actions necessitated a policy update, and the processes, people, and timelines involved in the update process.
• Ensure Employee Alignment: Efficiently distribute relevant policies and procedures to all affected employees, collect attestations, and confirm that your entire organization is aligned to the updated requirements.

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About NAVEX

NAVEX’s GRC software and compliance management solutions support the integrated risk, ESG and compliance management programs at more than 13,000 organizations worldwide.