Ever wondered how to manage policies better? I know I have. It turns out many people ask this question because policies are notoriously difficult to manage. But we have the best solution to this problem: policy lifecycle management.

Yes, I know “policy lifecycle management” sounds like the latest industry gimmick. And it also has the audacity to have a clumsy title. But even so, we’re onto something here.

And, please, don’t take my word for it. The best way to test whether something works or not is to look at its impact. Actually, take it for a test run and look at the results. If you’re not happy with the results, then discard the method. But if you are satisfied with it, you may just have saved your organisation and people money, time, effort, frustration, and anti-anxiety meds.

Enough banter; let’s check this thing out.

The context

In today’s fast-paced business environment, policies and procedures are critical for managing risk and ensuring compliance with regulations. However, creating policies and procedures is just the first step in the process. Once you’ve developed a policy, you must manage it throughout its entire lifecycle, from creation to retirement. This process is known as policy lifecycle management.

What is policy lifecycle management?

Policy lifecycle management is a process for creating, maintaining, and retiring policies and procedures in an organisation.

It involves the development of policies and procedures, the dissemination of these policies and procedures to employees, and the ongoing review and evaluation of these policies and procedures.

Why does it matter?

Policy lifecycle management is essential for several reasons.

Compliance

Policies and procedures help organisations comply with regulations and avoid costly fines and penalties.

Risk management

They help organisations manage risk by ensuring employees follow established guidelines and procedures.

Efficiency

Policies and procedures help organisations operate more efficiently by providing guidelines for employees.

Employee training

They provide a framework for employee training and development, ensuring employees know their roles and responsibilities.

The stages in the lifecycle

  1. Policy development. This stage involves the creation of new policies and procedures or the revision of existing policies and procedures. You should develop them with input from all relevant stakeholders, including legal, compliance, and operational teams.
  2. Policy approval. Once you’ve developed a policy, your leadership teams must approve it. These teams may include legal and compliance departments, executive management, and the board of directors.
  3. Policy dissemination. After approval, you must communicate the policy to all employees it impacts. You can do so through employee training, policy manuals, or other means.
  4. Policy implementation. Once communicated, you must implement the policy in your organisation. This may require changes to processes, systems, or procedures to ensure compliance with the policy.
  5. Policy monitoring. It’s vital for you to monitor policies and procedures on an ongoing basis to ensure their effectiveness and relevance. Monitoring includes conducting audits, reviewing incident reports, and conducting employee surveys.
  6. Policy review. You should review policies regularly to ensure they meet your organisation’s needs. This may include updates to reflect changes in regulations, business practices, or organisational structure.
  7. Policy retirement. When policies and procedures are no longer relevant or effective, you should retire them. Their relevance and effectiveness may change when regulations change, or you develop new policies and procedures to replace older ones.

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