Simplify your policy program with policy management software and focus on what really matters.
– The Boston Consulting Group
Financial institutions are now taking a technology-first approach, promoting a culture of innovation and rapid changes from antiquated policy processes to a more advanced policy management solution.
According to the UK’s Information Commissioner’s Office, 90% of data breaches are caused by human error.
With the threat of more frequent ransomware attacks, financial institutions are putting more stringent governance in place to eliminate human error, and policy management is the key to compliance effectiveness.
The new banking customer has more access to information and competing banking offers.
Customer retention strategies are becoming more aggressive and diverse. However, there are now more rules imposed to ensure fair competition and policy management will be a big part of a bank or credit union’s compliance practices.
Providing policy owners with visibility into policy acknowledgments is a key priority to minimize errors, track individual participation, and bolster a culture of compliance.
Policies often get rewritten, but it is still important to catalog their history for reference.
Unlimited version history provides a deep background and library of policies so policy owners to search for and retrieve policy versions easily.
For companies with a large employee base and multiple divisions, setting up policy groups for automated distribution can alleviate the headaches and time normally associated with antiquated policy distribution methods.
By applying proper policy controls within an advanced policy platform, banks and credit unions are well prepared and have strong documentation, safeguarding the organization from many legal actions that occur from outside forces and internal disputes.
