Policy Management Statistics


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Policy Management Statistics 2023: Facts about Policy Management outlines the context of what’s happening in the tech world.

LLCBuddy editorial team did hours of research, collected all important statistics on Policy Management, and shared those on this page. Our editorial team proofread these to make the data as accurate as possible. We believe you don’t need to check any other resources on the web for the same. You should get everything here only 🙂

Are you planning to form an LLC? Maybe for educational purposes, business research, or personal curiosity, whatever the reason is – it’s always a good idea to gather more information about tech topics like this.

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Top Policy Management Statistics 2023

☰ Use “CTRL+F” to quickly find statistics. There are total 27 Policy Management Statistics on this page 🙂

Policy Management “Latest” Statistics

  • One of the top two risk categories for which they feel they are least prepared is “risk and compliance,” according to 57% of senior-level executives.[1]
  • Only 36% of businesses have a formal program for enterprise risk management (ERM).[1]
  • Sixty-nine percent of executives are unsure whether their current risk management procedures and policies will be sufficient to meet future requirements.[1]
  • In the past three years, 62% of businesses have experienced a critical risk event.[1]
  • Risk management receives a relatively minor portion of board meetings—roughly 9% on average.[1]
  • Only 6% of directors think that the board of directors of their company is good at managing risk.[1]
  • 65 percent of businesses have policies that are “reactive” or “basic” rather than “maturing” or “advanced.”[1]
  • GRC or risk management software is planned for implementation or expansion or upgrade by 44% of businesses.[1]
  • In 2017, more than 900 regulatory agencies issued more than 200 regulatory updates on average every day.[1]
  • In the United States, regulatory costs total $6.1 billion annually or roughly 15% of operating costs.[1]
  • Only 47% of chief compliance officers report having an enterprise-wide reporting system that integrates with compliance monitoring across functions and business units.[1]
  • Only 69 percent of businesses are utilizing technology to support their compliance initiatives.[1]
  • Advanced data analytics are only used by 30% of internal audit departments to effectively identify and evaluate risk.[1]
  • Vendor risk assurance receives only 4% of the average audit department’s resources.[1]
  • According to a survey, 86% of businesses agreed that cutting-edge digital technologies have assisted in identifying financial crime.[2]
  • As 44% of businesses say they are being asked for proof of cybersecurity as part of a request for proposal (RFP), cybersecurity practices among vendors are becoming an expectation.[2]
  • 34 percent of businesses outsource some or all of their compliance functions.[2]
  • A single non-compliance event costs businesses an average of $4 million in revenue.[2]
  • Since 2011, the cost of noncompliance has increased by 45 percent.[2]
  • According to a survey, between 6 and 10 percent of businesses spend money on compliance costs.[2]
  • Handling compliance assessments, undergoing control testing, and putting policy and process updates into action are cited as the top compliance management challenges by 44% of businesses.[2]
  • 76% of compliance managers say they manually check regulatory websites to keep track of changes and figure out how they will affect their company.[2]
  • For compliance management, forty percent of businesses say they use office productivity software like spreadsheets and documents.[2]
  • Managing third-party permissions and remote access consumes internal resources and is viewed as an overwhelming task by 73% of businesses.[2]
  • According to 61% of respondents, their third-party management program does not rank risk levels or define them.[2]
  • According to the potential cost to the business, 68% of businesses rank threats first.[2]
  • By 2027, the global market for policy management software is expected to be worth $3.06 billion, up 15.7% from its current value of $962.18 million in 2019.[3]

Also Read

How Useful is Policy Management

One of the key advantages of policy management is that it helps to ensure consistency and transparency within an organization. By clearly outlining expectations and guidelines for behavior, policies help to avoid confusion and miscommunication among employees. This can lead to a more harmonious work environment, where everyone is on the same page and understands what is expected of them.

Moreover, policy management can also help to reduce risk and liability for organizations. By clearly defining rules and procedures, policies can help to mitigate the potential for legal issues or compliance violations. This is particularly important in industries that are heavily regulated, where failing to comply with laws and regulations can have serious consequences.

Another benefit of policy management is that it can help to improve efficiency and productivity within an organization. When employees are aware of the rules and procedures that govern their work, they are able to focus on their tasks without being distracted by uncertainty or confusion. This can lead to higher levels of productivity and better overall performance.

Furthermore, policy management can also help to foster a culture of accountability within an organization. When employees are aware of the consequences of not following policies, they are more likely to adhere to them. This can help to build trust and credibility within the organization, as employees know that everyone is held to the same standards.

In addition, policy management can also help organizations to adapt and respond to changes in the external environment. As laws and regulations evolve, policies can be updated to reflect these changes and ensure compliance. This flexibility is key in ensuring that organizations remain competitive and are able to adapt to new challenges.

Overall, policy management is an essential tool for organizations looking to establish a strong foundation for decision-making, compliance, and overall effectiveness. By providing a framework for behavior, ensuring consistency and transparency, reducing risk and liability, improving efficiency and productivity, fostering accountability, and adapting to change, policy management plays a crucial role in the success of organizations of all sizes and industries. It is clear that the usefulness of policy management cannot be understated, and organizations that prioritize this aspect of their operations are likely to reap the benefits in the long run.

Reference

  1. quantivate – https://quantivate.com/grc-risk-compliance-statistics/
  2. secureframe – https://secureframe.com/blog/compliance-statistics
  3. alliedmarketresearch – https://www.alliedmarketresearch.com/policy-management-software-market-A06700

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