Rob Marvin, July 21, 2016
Businesses in highly regulated industries such as finance and healthcare are constantly faced with changing compliance regulations. The same goes for businesses working closely with state and local governments. New policies and rules often need to be aligned throughout multiple levels of an organization, and the role of "ethics and compliance professional" often falls on the human resources (HR) managers and information technology (IT) departments overseeing responsibilities such as infrastructure management, network security, and mobile device management (MDM) to ensure the business remains compliant.
But how can businesses remain compliant? According to new research from NAVEX Global, the answer may be by using better automated policy management software. The company's 2016 Ethics & Compliance Policy Management Benchmark Report surveyed 1,075 respondents globally (75 percent in the US) across a wide range of industries. These industries included healthcare, manufacturing, and banking and finance to nonprofits, insurance, energy and utilities, government and administration, and technology businesses. The report surveyed senior executives and managers in charge of ethics and compliance about their current challenges with policy management, and what strategies and solutions could improve the process in their organization.
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