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

The usefulness of policy management cannot be overstated, as it is the driving force behind the smooth functioning of any entity. Effective policy management ensures transparency, clarity, and uniformity in decision-making processes; it provides clear guidelines on acceptable behavior and sets the tone for organizational culture. Additionally, policy management helps mitigate risks by ensuring compliance with laws, regulations, and internal standards, thereby safeguarding the reputation and integrity of the entity.

In the context of organizations, policy management is essential for maintaining operational efficiency and effectiveness. By outlining the roles, responsibilities, and expectations of employees, policies enable smooth coordination and communication within the workforce. Moreover, policies can help organizations adapt to changing business environments by providing a framework for decision-making and problem-solving. Through regular review and updates, policy management ensures that policies remain relevant and responsive to the evolving needs of the organization.

Policy management is equally vital in the public sector, where it serves as the backbone of good governance. Government policies impact citizens, businesses, and communities in profound ways, shaping public services, regulations, and social welfare programs. Effective policy management in the public sector ensures accountability, fairness, and transparency in governance, thereby building trust and credibility among citizens. By aligning policies with the needs and aspirations of the population, governments can drive socio-economic development and foster inclusive growth.

Furthermore, policy management is indispensable in ensuring compliance with legal and regulatory frameworks. Laws and regulations are constantly evolving, and entities must stay abreast of these changes to avoid legal pitfalls and penalties. Through robust policy management processes, organizations can identify gaps in compliance, address potential risks, and implement corrective action, thereby safeguarding the entity from legal and reputational harm.

In conclusion, policy management is a critical component of effective governance that underpins the success and sustainability of organizations, institutions, and governments. By proactively managing policies, entities can enhance operational efficiency, ensure compliance, and foster a culture of accountability and transparency. As the world becomes increasingly complex and interconnected, the importance of policy management will only continue to grow, making it imperative for entities to invest in robust policy management processes and systems. Ultimately, effective policy management is not just a necessity but a strategic imperative that can drive innovation, resilience, and sustainable growth.

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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