3 Best Policy Management Software with Buyers Guide

Deltek Costpoint

Offers unparalleled project management Accounting Labor Reporting Compliance features Increases efficiency Improve profitability Built specifically for government contractors Adopted by government contractors Earned the trust of Federal Agencies and Auditors

EisenVault

Web-based user interface Modern Easy to use Reduce learning curve Mobile app for iOS and Android users Access on the move Features include Audit Trails Automated Review & Approval Version Control Tracking Compliance Acknowledgements Full text search .

NETconsent Compliance Suite

Best for industry delivering right content to right people at right time Enables organisation to become & remain compliant with business processes & regulatory needs of Policy Management Learning Management System & Content

Policy Management Software

Policy Management Software offers companies with the management of policy documents like the creation, review, distribution, and attestation of policy and procedure policies by employees & business partners at a company. The tool provides companies with the compliance of corporate standards around issues like privacy, security, and breach of trust across the company. The software help facilitates the collaboration of creating and abiding by policies for teams across a company, like legal, IT, and business operations.

Policy Management Software are well-equipped with features like access controls and administrator privileges for editing, reviewing, or approving policies.

Advantages of Policy Management Software

Ensures compliance with internal policies: Policy management software provides employees the cap[ability to easily sign policy compliance documents electronically and have full on access to documents in a central pool.

Automates workflows and processes to review and approve policies: Policy management software automatically sends notifications to stakeholders, and offers to simplify and decrease duplicate efforts in creating, reviewing, or editing policies.

Assigns accountability: Policy management software permits to track updates, reviews, or approvals of policies. It ensures that employees have read, understood, and signed the policies digitally, making them accountable for noncompliance.

Features of Policy Management Software

Attestation: Employees can digitally do the signing and acknowledging a set of terms in a document with e-signatures.

Access controls: Determine who can have viewing, reviewing, or editing policies by ensuring appropriate access to the right people with the right controls.

Reports and dashboards: Tracking, managing, and viewing the status of business policies—recent changes, number of employees that have attested policies, etc.—in one centralized area.

Search: Finding a keyword and get a list of matching results with the search functionality in the tool. Advanced search functions is able to search policies by author, title, or metadata which are within folders and drives.

Policy creation: Writing, editing, reviewing, or approving policies directly on the tool with automated workflows ensuring the right people have access at the right step.

Price of Policy Management Software

Most products in the market are priced on a “per user, per month” basis and can be divided into three pricing tiers based on their starting price.

Considerations while Buying Policy Management Software

Integration with other tools: As policy management is indivisible part of a company’s governance, risk, and compliance initiative, a standalone policy management system will be required to integrate with similar tools like HR management, health and safety, and workforce management software. It should integrate with office productivity tools, like SharePoint, Office365, or Dropbox so users can help in creating, reviewing, and approving policies within those tools.

Cloud-based or on-premise tool: Deciding how necessary it is to have documents stored in third-party cloud-based apps or on premise servers. Cloud-based policy management software offers access of policy documents anywhere online, while on-premise tools may be a better fit if company needs to store sensitive policy documents on their own premises.

Policy Management Software Trends

Increasing number of compliance issues related with COVID-19: Employers are having to deal with a increasing number of new compliance issues due to the pandemic. This generally needs for creating, reviewing, and revising hundreds of policies related to federal, state, and local mandates. Having a strong and effective policy management solution that has the capability to easily ensure the implementation of new policies and ensuring compliance and providing employees clarity during the changing climate in uncertain times is critical.

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