For heavily regulated industries, implementing a digital policy management program can be a game-changer. It can save time and money, keep compliance on the forefront, and provide centralized repositories of policies and policy changes for internal and external users to view at all times. In this blog post, we’ll discuss 5 examples of how these industries can benefit from digital policy management and explain 2 use case examples that show how digital policy management helps organizations comply with their internal and external policies.
How Digital Policy Management Can Help Heavily Regulated Industries
Financial Services: Digital policy management can help financial services organizations stay on top of regulatory changes by providing easy access to up-to-date policies. By having real-time access to policies, it’s easier for teams to stay in compliance with regulations like the Dodd-Frank Wall Street Reform Act, Sarbanes Oxley Act (SOX), European Market Infrastructure Regulation (EMIR), MiFID II, etc.
Mining: Mining companies are required to abide by numerous safety laws related to employee health and safety as well as environmental protection laws. Digital policy management solutions help mining companies have quick access to up-to-date safety regulations in order to ensure compliance.
Manufacturing: Manufacturing companies are also subject to numerous safety requirements both internally and externally. Digital policy management solutions provide a centralized repository for all of the organization’s policies so that manufacturing companies can easily review their policies for accuracy and compliance with industry standards.
Pharmaceutical Manufacturing: Pharmaceutical manufacturing is highly regulated due to its importance in public health outcomes. A digital policy management solution provides pharmaceutical companies with an easy way to keep track of all relevant regulations across multiple countries. It also keeps teams informed about any changes or updates from local or international regulators in real time.
Airlines & Aviation: Airline and aviations companies must adhere to numerous aviation laws that are constantly changing due to new technology developments or geopolitical events. A digital policy management system provides companies with a single source of truth when it comes to understanding the latest requirements for air travel operations around the world.
Here are some example use-cases of implementing a Digital Policy Management solution:
Use Case Example 1: Centralized Repository
A large financial services firm had hundreds of documents scattered across different departments, making it difficult to find the right document when needed. The firm implemented a centralized repository using digital policy management software which allowed them to quickly find documents related to any topic they were researching without having to search through multiple systems or departments manually. This decreased the amount of time needed for research tremendously and improved overall efficiency within the company significantly.
Use Case Example 2: Automated Notifications
A pharmaceutical manufacturing company was struggling with outdated policies due notifying employees about new or updated regulations in a timely manner. The company implemented an automated notification system using digital policy management software which allowed them send notifications instantly when there were new or changed regulations that affected their business operations or employees’ rights/obligations under certain policies/laws/regulations/etc. This ensured that everyone involved was always kept up-to-date about changes in the industry or organization which improved communication between departments significantly as well as overall compliance levels within the organization drastically.
Digital Policy Management is an important tool for heavily regulated industries such as financial services, mining, manufacturing, pharmaceutical manufacturing, airlines etc., as it allows organisations operating within these industries fast access into accurate representations of current regulations while streamlining risk assessment processes at scale more efficiently than ever before; saving time & money while maintaining full compliance throughout every department within an organisation – no matter how large they may be! Ultimately, implementing a comprehensive digital policy management program is crucial if you want your organisation’s risk mitigation efforts & compliance activities streamlined & optimised; leading towards higher levels of success achieved through fewer errors made along its journey; creating greater opportunities & less worry about regulatory consequences down its path!