Customers Using Predict360’s AI-Powered Solutions
Exploring Better Ways to Manage Policy and Procedure Documents
Policy and procedure management is a necessary part of good governance. Businesses have to ensure all policy and procedure documents are kept updated and are available for reference when needed, and only authorized people have access to confidential documents. The Predict360 Policy Management system has been designed to ensure that all the important company documents are protected, managed, and accessible.
The policy and procedure software within the module gives business unprecedented control over who can access, edit, and share documents on a user by user basis to enhance data security. It also keeps an electronic trail of all documents to enable easy audits.
Policy and Procedure Documents Management is Tough
- Policies and procedures are spread across multiple documents that exist in multiple places
- Businesses must keep their policies and procedures updated in accordance with the ever-changing legal regulations
- There are often multiple versions of the same documents being used by different employees, resulting in confusion and inefficiency
- It is hard to quickly locate, share, and access confidential and important documentation when needed
- Documents get lost in routing through multiple email threads without notice in the absence of a policy management software
Ensuring Effective Policy Document Management with Predict360’s Software
- Seamless document uploads for uninterrupted workflows
- Preconfigured workflow tools and features to facilitate review, approval, check-out, modification, and access of documents
- Power user accessibility controls and protocols to selectively allow or deny viewing, editing, and downloading rights for users, teams, and departments
- Blazing fast implementation period to eliminate business disruptions
- Document lifecycle management to ensure that all policies and procedures are up to date
- Reduce compliance and audit costs with electronic signatures, revision controls, and audit trails
- Automated library management system gives management access to important documentation whenever needed
Why Does Your Organization Need Policy and Procedure Management Software?
Businesses need to manage thousands of policies and documents created over a period of many years. Managing so many documents over such a long time creates many chances of human error or something important being overlooked. This is especially a problem in heavily regulated industries where businesses must collect a lot of information while ensuring compliance with the latest regulations. If any of the regulations that the business must comply with change, the business needs to evaluate each and every document it must ensure that all their policies and contracts are compliant with the new regulations.
Another major reason that businesses need policy management software is that many documents and policies are only put in place for a limited period. Policy management software keeps track of the expiry date of each document and contract also automatically notifies stakeholders that a document needs to be reviewed. Instead of depending on people to continuously check old documents, businesses can automate document monitoring and achieve much better results. Automating the process is the best course of action because people may struggle with managing thousands of documents, the task is simple for A.I. powered policy and procedure management software solutions.
Which Policies and Documents Need to be Managed?
Businesses must assess the effectiveness of existing policies – any policy that did not produce the desired results must be updated. Similarly, many documents have a limited validity period. If someone has a one-year contract with an organization, the contract and all associated documents must be managed once the time period has expired.
Document management policies are created to ensure that the business is aware of all existing documents’ expiration dates. Policy management software simplifies policy management for businesses by automatically tracking the expiration dates of all documents and notifying affected stakeholders when the time for reevaluation approaches.
Another critical reason that policies and documents must be updated is that the business’s operating environment is not static. Standard operating procedures may have been altered as a result of new regulations. Perhaps new technology has rendered traditional methods of working obsolete. A shift in corporate objectives may also necessitate a re-examination of all existing policies and documents. Thus, businesses require a policy and procedure software that enables them to manage policies and documents efficiently.
We look forward to working with 360factors to advance our enterprise risk and compliance programs for the bank while increasing the products and services we offer to the community.
Mark CaselChief Risk Officer
As part of our initiative to expand our products and services, we wanted to enhance our enterprise risk and compliance management to support this growth. Predict360 will enable our team to meet these goals efficiently.
David ClaussenChief Risk Officer
360factors’ solutions, powered by artificial intelligence, enables our organization to adapt and respond effectively to the ever-changing regulatory compliance landscape
Joanna ChancellorBusiness Support Manager
The powerful features combined with the easy implementation of the cloud solution made Predict360 a great fit for our organization.
Steve ParkerChief Executive Officer
We believe our collaboration with 360factors and the technology they bring supports our vision for the future.
Gina AnonuevoChief Compliance Officer
Deploying Predict360 is another step by us towards becoming a more streamlined and efficient organization.
Crystal BarnesRegulatory Compliance Specialist
