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 benefits of policy management is that it provides clarity and guidance to employees at all levels of an organization. By clearly outlining expectations and guidelines for behavior, policies help employees understand their roles and responsibilities within the company. This not only fosters a sense of structure and consistency but also promotes a culture of accountability and transparency.

Moreover, policy management plays a critical role in mitigating risks and ensuring compliance with laws and regulations. By regularly reviewing and updating policies to reflect changes in legislation or industry standards, organizations can protect themselves from legal liabilities and potential financial losses. This proactive approach to policy management helps companies stay ahead of the curve and adapt to evolving regulatory landscapes.

In addition, policy management can also contribute to improving operational efficiency within an organization. By streamlining processes and eliminating unnecessary bureaucratic hurdles, well-defined policies can help employees focus on their core responsibilities and perform their jobs more effectively. This can lead to increased productivity, reduced errors, and ultimately better overall performance.

Furthermore, policy management can also serve as a tool for fostering a positive corporate culture. When policies are communicated clearly and consistently, employees are more likely to feel valued and respected by their organization. By promoting fairness and equality in the workplace, policies can help create a sense of inclusivity and belonging among employees, leading to higher morale and employee satisfaction.

While some may view policy management as a rigid and inflexible set of rules imposed by management, it is essential to recognize that policies are intended to serve the best interests of the company as a whole. By establishing guidelines for ethical behavior, data security, and conflict resolution, policies can help prevent misunderstandings and disputes, ultimately fostering a harmonious and productive work environment.

In conclusion, policy management is a fundamental component of effective organizational governance. By defining expectations, managing risks, improving operational efficiency, and promoting a positive corporate culture, policies play a crucial role in safeguarding the interests of both employees and the company. While the process of policy management may require time and effort, the benefits it provides far outweigh the challenges. In an ever-changing business landscape, organizations that prioritize policy management are better equipped to adapt, thrive, and succeed 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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