Solutions


Corporate Governance and Policy Management

In this era of regulation and globalization, companies carry a heavy burden to meet requirements and maintain strong business processes. Companies today are tasked with:

  • Creating policies that fulfill requirements specified by regulations and company best practices.
  • Informing employees of those policies and updating them as they change.
  • Verifying that employees understand and abide by the policies.
  • Monitoring, enforcing, and reporting on the policies and associated tasks.
  • Taking immediate action to remedy any non-compliance incidents.

But in order to gain a real business advantage from compliance, companies need to be able to:

  • Easily view and organize all the governance activity.
  • Have access to real-time information in order to make changes as they are needed.
  • Break down regulations and standards, link them to specific policies and detail all the procedures.
  • Distribute all or appropriate parts of a policy to employees.
  • Define new procedures spontaneously.
  • Define, change, add, implement and monitor policy enforcement at any level.
  • Do "what if" risk analysis, allowing for fine-tuning of compliance efforts.
  • Achieve these results with less resources, in less time, at a lower cost, while protecting current investments.

This is no small task considering that regulations may be lengthy and the policies and procedures fulfilling them total in the hundreds. Which is why the most heavily regulated industries, such as financial services, healthcare, energy, and insurance, were among the first adopters of Polivec's EGS.

How are companies dealing with all of these issues? How are they trying to achieve compliance? They are implementing separate, expensive, and redundant policies and procedures across many functional areas. They are developing point solutions and manual processes across their operations. There are point solutions for financial controls, sales controls, human resources controls, audit controls, IT controls, procurement controls.

"Many organizations are taking a linear approach to compliance," said Charles Kolodgy, IDC, in a white paper. "They are looking at compliance with a regulation as a one-shot deal; they set up a solution and then move on to the next compliance issue." The expense is enormous, and companies do not even have a full understanding of how much money, how much time, and how much effort, is being expended in this effort. Add to this the fact that the responsibility for governance is spread across the corporation, among many different functional areas, which are not linked.

Polivec's EGS integrates and controls all aspects of governance. The cornerstone of the solution is the unique Policy Center – it allows administrators to create and store policies that fulfill regulations. All required procedures and tasks, needed to fulfill those policies, across all corporate organizations, people, processes and systems, are housed in one place. The Center determines who has access to the information, and who has reviewed and approved the policies.

Other parts of the Polivec solution, inform appropriate employees, collect real-time data from compliance activities, organize both automated and manual tasks, link the practices back to their specific policies and regulations, ensure that policies meet regulatory requirements, monitor the enforcement of all of the policies, highlight gaps in compliance, and signal management when any lapses occur so that they can be addressed immediately.

If a company has existing compliance software, this can be immediately integrated into Polivec's Solution. EGS is is designed to accommodate implementations in specific functional areas or for specific regulations, and then grow to encompass more functional areas or regulations over time, as needed.