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NAVEX Global 2016 Benchmark Report Shows Highest Rated Policy Management Programs Reside Within Organizations Using Automation SolutionsEthics and compliance software and services leader NAVEX Global® today released its 2016 Policy Management Benchmark Report, finding that nearly half of organizations indicate their top challenge is managing policies so they are current with a quickly shifting regulatory and legal landscape. Those using an automated policy management system were nearly twice as likely as those who do not to find they are effective at policy compliance. A policy and procedure management system automates the tasks of writing, sharing, updating and attesting to policies, helping organizations meet legal and regulatory requirements. "Today's benchmark report clearly shows we have arrived at a point where policy management should be automated for maximum success and effectiveness," said Randy Stephens, Vice President, Advisory Services at NAVEX Global. "More than 63 percent of organizations believe their policy management program reduced legal costs and time to resolve regulatory issues and ?nes. But organizations are looking beyond this. We believe that integrating with other elements of a business' compliance system - including training and incident reporting - can do more than save costs and time, it can build a superior compliance culture." Diffuse ownership surfaced in the report as a hurdle to improved policy management. More than 50 percent of organizations have seven or more departments with some ownership of policy management as well as the budgeting process. Almost half of respondents said they either don't have funding for policy management or that it is part of a companywide budget. Beyond the policy management system, 57 percent of respondents use online training to ensure policy comprehension, followed closely by 55 percent who use in person training. Online training continues to be the most valuable tactic for ensuring policy comprehension. "Policy management is essential to a well-protected, high-functioning organization" said Stephens. "All standards for effective compliance include having clear policies. We see a pathway emerging in this report through clear ownership of that process and investment in it, and the ability to scale and intelligently manage complexity through automation." To download NAVEX Global's 2016 Policy Management Benchmark Report, follow the link here. About NAVEX Global's Benchmark Reports NAVEX Global's trusted ethics hotline, training, policy management and third party risk benchmark reports help ethics and compliance professionals measure their programmes against peers and industry standards to make better decisions and increase ethics and compliance programme effectiveness. About NAVEX Global, Inc. NAVEX Global's comprehensive suite of ethics and compliance software, content and services helps organisations protect their people, reputation and bottom line. Trusted by more than 12,500 clients, our solutions are informed by the largest ethics and compliance community in the world. For more information, visit www.navexglobal.com. Learn more about NAVEX Global online:
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