Policy management software manages the creation, review, and implementation of corporate policies across all departments of a company. This type of software helps companies ensure employees and business partners comply with corporate standards regarding issues such as security, privacy, inappropriate behavior, or breach of trust. Policy management is implemented on a company-wide basis and is most often used by compliance officers and executives. It can also be utilized by legal departments to ensure corporate policies are aligned with regulatory compliance.
Policy management can be deployed as a standalone product or as a part of an organization’s broader governance, risk, and compliance initiative. When implemented separately, this type of software needs to integrate with other solutions such as HR management suites, workforce management software, environmental health and safety software, and governance, risk, and compliance software.
To qualify for inclusion in the Policy Management category, a product must:
Provide customizable templates for different types of policies
Include workflows and processes to review and approve policies
Deliver a repository of all corporate policies
Assign and share policies internally and externally
Identify noncompliance with internal policies
Suggest corrective actions to address noncompliance
Monitor the performance of policy management processes
