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Cost of policy Management

The real cost of policy management

A regulated firm with 30 policies spends around £150,000/year on just managing and monitoring business policies. How do you stack up?

Policy management includes two things:

  1. Annual review of the policies; and
  2. Monitoring of business activities and evidencing controls to confirm that teams are following the policy requirement.

When firms consider their cost of policy management, often they forget to include the cost of monitoring. After all, what good is it to spend all that time updating a policy without making sure business is following it.

POLICY MANAGEMENT: Updating a policy takes a time.

  • The Business team updates a policy to reflect changes in the business;
  • The Risk/Compliance team to make sure any regulatory changes are included in the policy.
  • Each board member spends say 30 mins reviewing the policy (that’s a half-day if you have 7 Board members).
  • Add to this, the time spent on updating for feedback from various stakeholders.

POLICY MONITORING: Tracking policy monitoring is also no walk in the park.

  • The Risk/Compliance team starts the process by sending an information request to the business and spends time coordinating and reviewing their attestations.
  • The Business team gathers the information and evidence ahead of completing the template sent to them.
  • Each board member spends time reviewing individually and then discussing as group any actions.
  • Add to this, the time spent on updating for feedback from various stakeholders.

What is commonly perceived as a minor task of updating a document is actually a lot more involving, all things considered. To top it all off the level of engagement with these documents is minimal at best.

See how CoVi Analytics Policy 2.0 solution can help bring your business policy management practices to the data age with a completely novel approach to tech-enabled policy management.

Contact – demo@covianalytics.com to see how we can help.

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