RGP’s policyIQ team is seeing a lot of movement in the governance, risk, and compliance (GRC) technology market. Organizations are complaining of complex tools that are difficult and time consuming to implement. Many have expressed frustration and regret after investing several months—years, even—and tens to hundreds of thousands of dollars into the implementation of GRC platforms only to find they were still not producing the promised benefits. They struggled with finding the right time to cut the cord. Others tell tales of the constant perks in the flashy sales and marketing process that ended in crickets after they signed the dotted line—there was very little support to help them make the application do what they expected it to do. Some companies got up and running in a tool and later found it was very cumbersome to manage as business needs evolved.
Many compliance officers, auditors, controllers, and IT directors have stories about how long they have tried to hang on and make it work.
It’s okay to say it out loud. There are other options that
are easy to configure and customize for your team’s specific needs that don’t
break the bank. Clients have raved about the flexibility of policyIQ and their
ability to make adjustments in just a few moments when the business, market, or
regulatory bodies call for it. They have praised the speed of deployment of
policyIQ and return on investment that they observed almost immediately through
improved effectiveness in meeting their objectives.
We understand if you’re feeling a little skeptical…
…after what you’ve experienced. Let us show you! We offer a 30-day free trial and are happy to show you YOUR data in the trial site as proof of concept before you buy. You can spend time kicking the tires, so to speak, and working with your implementation expert and the policyIQ Support team.
P.S. The policyIQ Support team will be by your side for the long haul! We enjoy reviewing our team’s interactions with clients—we are prepared to tackle your tough business questions, to help you expand or adjust as needed, and we can’t help but celebrate the friendships we make serving our clients over time.
We are excited to partner with you, too! Contact us to start your free trial.
The policyIQ team recently hosted a webinar presented by GRC analyst, Michael Rasmussen, focused on how to drive employee engagement through effective policy management and communication. During the session, we asked the audience: “Does your organization have a policy communication plan?” Remarkably, one in three respondents answered, “no”.
In recent posts, we have drawn attention to the potential hazards of NOT keeping your employees informed, trained, and certified. No doubt, some companies have learned a multi-million-dollar lesson on why it is important to build out a policy communication plan. In case your organization can relate to the third of respondents who identified with not having a formal plan, we want to share some ideas on how you can get started crafting your plan and reducing legal exposure right away.
What is the risk?
Are you having a hard time figuring out how to prioritize your policy updates? Consider, first, how your policies are related to your risk environment and what practices you must have in place to protect the organization from the top down. Next, you may wish to focus on the policies and procedures that you have in place to safeguard your organization: security policies and procedures. The next area in need of attention, depending on your type of organization, may be documentation related to ensuring that product, process, or service quality is delivered. If you have a quality system in place, you likely already have associated documentation on a regular cadence of review.
How will you know that all of these practices are actually taking place and operating as designed? You could also prioritize the documentation and routine practice of monitoring, from an operations and financial perspective. Auditing your business and finance functions will go a long way to provide assurance that you have the right practices in place.
Retail store managers, truck drivers, accounting and finance personnel, nurses, IT project managers—there is a seemingly infinite list of roles in the pool of potential policy and procedure audience members. Rather than drafting policies and simply publishing them for broad access or distribution on the company’s intranet, you may want to take a step back and consider more closely, again, the level of risk associated with the documentation. Starting with your areas of greatest exposure, which of your employee roles would be impacted by the absence of the policy or documentation? Pay particular attention to those roles that are directly tied to your high-risk areas and critical controls.
How will you reach them?
The question, here, may be two-fold: What level of assurance does the situation demand? What media is most accessible to the audience?
Policies related to hours-of-service limits for truck drivers and anti-bribery policies for employees working in high-risk geographies may be among your top priorities as it relates to communicating your organization’s values and practices, but they certainly do not have the same work environment or access to information. An important step in your communication plan is the consideration of the level of assurance that the situation demands. Simply publishing some policies may be enough, but for others, it will be critical that you capture a receipt of your employees’ review, their attestation that they understand and agree to follow your policies, and some may warrant training and certification evidencing the employees’ understanding of the critical values and practices.
If you want to better ensure engagement by your employees, you may also wish to consider whether the content requires live and in-person training or if delivery to your employees’ mobile devices will be satisfactory. Getting into the flow of what your employees do and see every day is the best way to boost the likelihood that they will see and interact with your content.
And if all of this still feels like a lot to consider, you may wish to reduce your organization’s exposure sooner than later by bringing in a subject matter expert to spearhead the effort. RGP’s professional consultants can help to assess your organization’s documentation and lead the effort to map out and implement the execution of your policy management program and communication plan. Click here to be put in touch with an expert in your area.
Again, special thanks to GRC 20/20’s Michael Rasmussen for sharing his expertise with our audience (and us, too!). If you are interested in learning more from Mr. Rasmussen, we encourage you to check out his website and, specifically, his “Policy Management by Design” white paper.
I mean, who actually has to care about digital evidence? Consider the audiences or different roles of people who need to produce or rely on digital evidence: management and business unit leaders; auditors; information management, technology, compliance, and security professionals; and the officers of your organization. We are producing unstructured data, much of it valuable, at a breakneck pace. Do you know who your producers of quality digital evidence are?
When I hear digital evidence, I think of the artifacts that may be considered digital evidence such as raw data, reports, signed documents, test results, specifications, and performance receipts. Documentation of activities that provide assurance, including procedures, work instructions, training sessions and materials, and attestations are also critical. Have you identified which practices and assurances are closest to your significant accounts, risks, and controls?
How do we wrap our arms around digital evidence?
There are systems and practices that provide the bookends for ensuring relevant and reliable results contributing to digital evidence such as systematic management and monitoring of workflow, milestones, deadlines, analyses, and remediations. Digital evidence also relies on the trail of bread crumbs that show who touched what and when including the audit trail of changes, versions, handoffs, and approvals. Without a central portal or system in place, it is plain to see, we cannot reliably manage digital evidence.
Are you taking advantage of all that policyIQ has to offer in these areas?
Alerts, dashboard notifications, and email generated systematically by RGP’s policyIQ helps employees know when work is required of them. The taxonomy of the digital content is configurable and can be subject to the information governance preferences of your organization with appropriate read, write, and approve rights established during initial configuration. policyIQ can provide an enforceable framework to manage contributions, the complete capture, monitoring, and reporting on critical documentation and evidence.
If your opportunity has more to do with the quality of your existing evidence or the need for corroborating evidence, RGP’s subject matter experts can help to assess your need and to fill any gaps identified. Right now—whether related to technology, process, quality, or completeness—make a note of some of those gaps or pain points that just crossed your mind. And then reach out to us: Information@policyIQ.com; 412-263-3330.
Whether for IT Security Compliance, Enterprise-wide Policy Management, Contract and Lease Administration, your organization’s GRC or Audit program, policyIQ can be up and running in 5 simple steps. Read on for more information and contact us to automate your initiative in Q1!
Step 1: Configuration A policyIQ expert will assist you and/or your RGP Consultant to customize the design of the user interface in policyIQ for input of data, navigation, reporting, content and user security based on your input and feedback. Of course, we do not progress to step 2 until you, the client, approve of the configuration.
Step 2: Prepare data RGP Consultant requests data from your team or organization, then scrubs provided data to help ensure completeness and accuracy. You give approval regarding the condition of the data before progressing to step 3.
Step 3: Populate RGP Consultant populates approved data (import or authoring, depending on your needs) and subsequently validates the completeness of what is in the system to the approved data. The RGP Consultant will provide you with a walkthrough of your site and data for feedback and your approval.
Step 4: Refine (Reports, Dashboard, Planning for roll-out/training) RGP Consultant demonstrates the policyIQ user interface using the populated data. You provide a live example of a transaction, and with your RGP Consultant’s side-by-side help, you drive the live example from input to reporting. Any additional configuration items identified during this process will be considered for further customization. You give the green light when you’re ready to go-live.
Step 5: Go live and train Often there are a handful of “power users” who are expected to regularly participate in the process that is being automated using policyIQ. The RGP Consultant sits side-by-side with your power users, individually or as a group, to train on use of the software. Your power users will be directed to policyIQ’s written and recorded materials that you can leverage for your personalized procedural guide. Your RGP Consultant and the policyIQ support team are available onsite or remotely for any questions.
Our methodology your yours? What initiatives or processes are you looking to digitize and manage more efficiently in 2019? Hit the ground running with RGP’s subject matter experts implementing our proven methodology in our technology or we can support your team to implement your methodology. What kind of support do you need? Contact us, information@policyIQ.com, and we’ll help you to get the ball rolling!
In case you were out enjoying your summer and missed announcements on the latest policyIQ release, we’re here to share the highlights! The theme of policyIQ’s version 7.9 is Convenience. We rolled out 7 features that help to boost efficiency in the flow of your daily work.
Navigation continues to get easier and faster! Save time by leveraging “Favorite Folders” to lift your critical work to the top of the list.
Is yours one of the organizations that uses policyIQ primarily for Account Reconciliations, 302 Certifications, or Policy Sign-offs? Perhaps you’d like to have Form Management as your top navigation option? Site Administrators, you can highlight your prioritized activities that your organization engages in most by reordering items in the left navigation pane.
Paste content into policyIQ from a range of other document and file types and retain your formatting with this upgraded HTML/Rich Text Editor.
Perform calculations on multiple figures originating in related content (Calculated Linked Fields). This allows you to perform activities like determining cumulative risk calculations and arriving at the sum of Standalone Selling Prices for each Performance Obligation linked to the contract. The flexibility of policyIQ to provide more custom solutions for a wide range of business initiatives just got a boost with this feature!
Approvers – we’re thinking of you.
Some people rely on email to keep them apprised when their attention is needed and others loathe the ever-growing number of items in their inbox. Now, policyIQ lets you decide which approvers in the approval string will be automatically notified via email when items have been submitted for their review.
Prior to this release, an individual could only occupy one step in the approval process. It was not historically possible to approve, pass the content to other approvers, and then bring it back around for final approval. If a process requires the same person to step in multiple times, policyIQ now supports that process.
Rolling forward just got easier! If your organization likes to leverage the previous period’s tests rather than starting from blank templates, you can accomplish roll forward in fewer steps with the ability to Remove Attachments in Bulk.
Take advantage of the flexibility of policyIQ! Changes in process, regulation, org structure, or responsibilities might lead to the need for adjustments to solutions and templates. Solution designers (policyIQ administrators) will be happy to learn that it is now possible to copy fields from one template to another, making it easier to leverage the work of previous solutions for new or improved solutions.
Would you like some help taking advantage of features that were rolled out after your original configuration (from this summer’s release or past releases)? Contact us and we’ll be happy to walk you through the steps!
Are you paying employees to inventory email responses or spend hours in update meetings to accomplish tasks that can be automated? With the application of policyIQ forms, your employees can take back time that was spent on tedious tasks and focus on work that matters.
If your team is still using Word, Excel, and email to manage 302 Certifications, Control Self Assessments and Narrative Reviews, they are engaging in the frustrating task of having to inventory the responses from their inbox and then babysit and pester people to complete their work. As responses do arrive, they evaluate who they’ve heard from, who hasn’t responded, and evaluate whether/which follow-up activities are warranted. They are likely also having to pull together routine assessments regarding the status of responses to share with management and others.
Before anyone invests another minute on the effort of pulling together the Narrative Reviews for next quarter, contact us to help your team realize these benefits right away:
Simplified roll-out of questions/certifications each quarter
Easy access to real-time information for monitoring of status
Automation of reminders going out to outstanding respondents
Automated compiling of results
Effortless reporting for management
There are lots of products out there that will set you back $50-$500k annually that promise efficiency gains in your compliance processes. For a fraction of that cost, we’ll deliver on that promise in a matter of weeks—not months or years. Work smarter. Spend smarter. Contact us today to schedule your configuration session.
“A narrative provides mid-level detail of the transactions and internal controls within a business process and includes who, how frequent, and in what location the transactions and controls are being performed…
…Narratives should be updated as changes are implemented in the organization. The updates should follow a workflow where there is a review process for significant changes.”
For many clients, automating the process of updating compliance documentation is a critical but often overlooked part of their practices. Each year, various aspects of controls may change, such as steps of the control procedure, the control description, or control ownership. As these critical bits of information are updated, it is important, as Mr. Chiang stated, that the associated narrative pages are also updated to reflect the latest information.
Who wants to avoid redundant effort and rework?!
If you haven’t already implemented policyIQ or you have policyIQ and you haven’t taken advantage of this feature, this is a good time to tune in and make a note: policyIQ has a “linked field” option that allows you to update control language (or other documentation) in one place and present the updated language in related documents—here’s the key: without redundant effort or rework!
Displaying all related Controls in the Narrative is probably the most common request, but you can also display Risk language in Controls, Control language in Tests, and the contract review conclusions in a management summary page, among a seemingly infinite number of options! No more hunting down related documents to make small tweaks–it’s already done!
To learn more about how reduce redundant effort and rework, contact our team at Support@policyIQ.com.
We’ve talked a lot about the breadth of industries that are served by policyIQ, and the diversity of our users. When it comes to who can benefit from policyIQ, we have yet to find an organization for which we have no value to add. We also recognize that some industries and niches need our product more than others, and community credit unions are a perfect fit.
Community Credit Unions Need policyIQ
While financial regulations can be intense and difficult to navigate, community credit unions need compliance technology that is simple and easy to use.
Fast and easy setup
Simple navigation, with little user training required
Flexibility that allows a single technology to be used for many needs
Incredibly low cost for small teams
Dedicated user support team committed to exceptional service
Are you exploring compliance technology for your organization? Find out how policyIQ meets your needs by contacting us today!
Regulatory environments are constantly changing, influenced by economic, political and environmental factors beyond your company’s control. It might seem like a daily battle to deal with the push and pull of complying with changing regulations. So how do you stay focused, prepared and sane in the world of regulatory compliance?
One critical step is to ensure that you have well documented, well communicated and well understood corporate policies.
Policies provide the foundation, governing the way in which your employees will work and how they will meet new regulatory requirements. When the foundation is strong, with clear policies that are followed and enforced consistently, additional external expectations and requirements are much easier to incorporate.
Here are just a few best practices to consider:
Ensure that policies are written clearly. Avoid company jargon or acronyms that may be unclear to new employees or external regulators.
Make policies easily accessible to all employees. If you are already using policyIQ, ensure that a policyIQ link is posted or communicated regularly.
Clarify whether any exceptions might be approved to the policy, and communicate the process for approval for exceptions. If it is not clear, employees may be more likely to decide it will be easier to ask for forgiveness than permission.
Document how policy violations will be addressed or how policies will be enforced.
Revisit, review and revised policies regularly. Do not allow policies to become outdated or appear to be outdated. Even if no changes are made, regularly note that content has been reviewed, so that employees
Map policies to your regulatory requirements or other compliance programs. As regulations change, you can more easily identify any changes that must be made in your policies to address those changes.