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 primary benefits of policy management is the clarification it provides to employees regarding acceptable behavior in the workplace. Clear and well-communicated policies help set expectations for employees and provide them with direction on how to handle various situations. This can lead to increased productivity and efficiency as employees spend less time trying to interpret vague guidelines and more time focused on their tasks.

In addition to providing clarity, well-managed policies can also help to protect organizations from legal and regulatory risks. By clearly outlining the expectations and consequences for violations, policies can help prevent instances of misconduct that could result in costly lawsuits or penalties. Furthermore, having well-documented policies in place can demonstrate an organization’s commitment to compliance and adherence to best practices, which can help build trust with customers, partners, and other stakeholders.

Policy management also plays a crucial role in fostering a positive organizational culture. When employees understand the rules and expectations that govern their behavior, they are more likely to feel supported and empowered to make decisions that align with the organization’s values. This can lead to increased employee morale, engagement, and loyalty, as well as a stronger sense of community and teamwork within the organization.

Another key benefit of policy management is its role in promoting consistency and fairness in decision-making. By establishing standard procedures for addressing various issues, policies can help ensure that all employees are treated equitably and that decisions are made based on objective criteria rather than personal biases. This can help prevent favoritism, discrimination, or other forms of unfair treatment that could damage employee morale and trust in leadership.

Finally, policy management can also help organizations adapt to changing circumstances and evolving regulations. By regularly reviewing and updating policies in response to feedback, new information, or changing legal requirements, organizations can ensure that their guidelines remain relevant and effective. This flexibility and responsiveness are essential for staying ahead of the curve in today’s fast-paced and dynamic business environment.

In conclusion, policy management is a valuable tool for organizations seeking to establish order, clarity, and accountability in the workplace. By providing clear guidelines, mitigating risks, fostering a positive culture, promoting consistency, and enabling adaptation, policy management can help organizations achieve their goals and navigate the complexities of the modern business landscape. Whether large or small, every organization can benefit from the discipline and structure that effective policy management provides.

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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