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StandardFusion
StandardFusion
Standard Fusion is a cloud-based compliance management solution that is designed for industries such as healthcare, technology, manufacturing, government and retail. Key features include control management, control monitoring and ...Read more about StandardFusion
DocTract
DocTract
The Policy Management Cloud solution from DocTract is purpose-built to manage the entire life-cycle of Policies and Procedures for any organization and for any size. Automate each step in the Policy Management process including d...Read more about DocTract
LogicGate Risk Cloud
LogicGate Risk Cloud
LogicGate Risk Cloud® is a no-code governance, risk, and compliance (GRC) platform that scales and adapts to your changing business needs and regulatory requirements. It combines a suite of purpose-built Applications with intuitiv...Read more about LogicGate Risk Cloud
Document Locator
Document Locator
Document Locator is enterprise document management software that is uniquely integrated into Microsoft Windows. The platform is integrated with Microsoft Office and other business applications, and works directly inside of Windows...Read more about Document Locator
DynamicPolicy
DynamicPolicy
DynamicPolicy is a cloud-based solution designed to help midsize enterprises manage the entire policy management lifecycle through certification tracking, collaboration, version control and more. Key features include content manag...Read more about DynamicPolicy
PowerDMS
PowerDMS
PowerDMS is a cloud-based solution designed to help public and private sector organizations manage the entire policy lifecycle through electronic signature capture, revision tracking and more. Key features include audit trails, po...Read more about PowerDMS
Netwrix PolicyPak
Netwrix PolicyPak
In today's hybrid work environment, users need to access their desktops, laptops and other devices at the office, at home, while traveling, through kiosks and virtually. But many organizations are struggling to manage and secure t...Read more about Netwrix PolicyPak
PolicyHub
PolicyHub
PolicyHub is policy and procedure management solution designed to help medium to large businesses manage and streamline all processes, from policy creation to distribution and reporting. The platform comes with a point-and-click i...Read more about PolicyHub
Onspring
Onspring
Onspring is a cloud-based, no-code software for reporting, analysis, process management, and coordination. Our connected solutions for Governance, Risk & Compliance, ITSM, and Business Operations create efficiencies for your teams...Read more about Onspring
Predict360
Predict360
Predict360 is a flagship software solution of 360factors. It is a Risk and Compliance management platform augmented with Artificial Intelligence (A.I.) technology to predict and mitigate operational risks while streamlining regula...Read more about Predict360
Policy Manager by MCN Healthcare
Policy Manager by MCN Healthcare
Policy Manager by MCN Healthcare is a cloud-based document control and workflow management solution designed to help medical organizations automate policy access, review, approval and attestation. Its automated tracking and report...Read more about Policy Manager by MCN Healthcare
HospitalPORTAL
HospitalPORTAL
HospitalPORTAL provides an intranet and policy management solution which caters to the specific needs of health care organizations. It is suitable for all size of hospitals, clinics, ASCs and long-term health care. Key features in...Read more about HospitalPORTAL
SmartCompliance
SmartCompliance
Trusted by insurance brokers/carriers and property managers, SmartCompliance is a self-service insurance tracking and compliance management solution designed to assist organizations with automating the certificate of insurance (CO...Read more about SmartCompliance
Termageddon
Termageddon
Termageddon is a policy management solution that helps organizations create and embed privacy policies into websites and applications. The platform lets attorneys send custom questionnaires to collect business information from cli...Read more about Termageddon
Accountable
Accountable
Accountable is a cloud-based compliance and risk management software designed for healthcare practices of all sizes. It helps users manage HIPAA compliance, policies and procedures, HIPAA training, risk assessment and business ass...Read more about Accountable
AgentCubed
AgentCubed
AgentCubed provides lead management and CRM solutions specific to those in the insurance industry. It helps users automate workflows, manage the relationship and generate leads by skills-based routing. The solution is cloud-based ...Read more about AgentCubed
Sensitive Content Manager
Sensitive Content Manager
ARALOC is a cloud-based security platform for desktop and mobile devices. It offers mobile security and data loss prevention. The solution is hosted in the Microsoft Azure cloud but can also support the storage of content on priva...Read more about Sensitive Content Manager
BriteCore
BriteCore
BriteCore is a cloud-based insurance solution for personal, commercial, auto and specialty insurance providers. Designed for the needs of small and midsize insurance service providers, it provides support for multi-line, multi-sta...Read more about BriteCore
Centralpoint
Centralpoint
Centralpoint, by Oxcyon is featured in Gartner’s Magic Quadrant for Digital Experience Platforms is a Microsoft based technology which be installed either on-premise or in the cloud. It is an N-Tiered, highly scalable, roles based...Read more about Centralpoint
Guidewire
Guidewire
InsuranceSuite is an insurance management solution that helps agencies streamline operations and manage claims, bills and receivables, as well as underwriting and policy administration. The solution can be deployed in the cloud an...Read more about Guidewire
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Buyers Guide
Last Updated: March 16, 2023Organizations create policies to govern operational and business aspects, such as ensuring data protection, monitoring the use of company assets, and meeting compliance requirements. But if the policies are managed manually, it's difficult to ensure employee access, proper documentation, and, more importantly, usage of the most up-to-date version.
Policy management software addresses these pain points. It helps users create, review, approve, and store policies according to the established workflow. Policy management tools also allow you to distribute or share policies with the relevant employees.
While policy management software may seem like an additional cost, it helps you ensure regulatory compliance and respond more quickly to client escalations or security breaches, thereby indirectly adding value to your bottom line.
What is policy management software?
Policy management software is a tool that helps users organize and manage all their policy and procedure documents centrally.
This type of software facilitates collaboration between legal and other teams on creating, editing, and maintaining policy and procedure documents. It also allows employees to digitally attest that they have read and understood the policies.
Policy management tools also offer security features such as access controls and administrator privileges to restrict unauthorized users from editing, reviewing, or approving policies.
Policy review schedule in ProcessUnity (Source)
Common features of policy management software
In this section, we discuss key features to look out for when shopping for a policy management solution.
Policy authoring | Enables users to create, edit, review, and approve policies directly on the tool using automated workflows. |
Search | Enables users to quickly find the policy document they need by typing in file names or parts of metadata in the search bar. |
Notifications | Alerts administrators through email, pop-up messages, or text reminders when policies are due for review or when someone has reviewed or modified a policy. |
Attestation | Allows users to digitally confirm (such as with e-signatures) that they have read and understood a policy. |
Access controls | Allows administrators to limit user access to specific policies, set documents as read-only, and restrict sharing or printing of policy documents. |
Audit trail | Tracks changes made to a document, capturing details of who made an update, and stores different versions of the document with timestamps. |
Metadata management | Buckets policies into various broad categories, such as HR policies or ethics policies, using metadata tags to make the search easier. |
Bookmarks | Allows users to mark specific policies for quick and easy referencing. |
What type of buyer are you?
While the utility of policy management across industries and business sizes is subjective, there are some businesses that will find policy management software indispensable. We discuss them here.
Businesses in heavily regulated industries: Certain sectors, such as healthcare, telecommunications, and financial services, are more heavily regulated than others. Policy management software can help organizations in such sectors define and organize their policies to meet industry mandates.
Large businesses: The larger the scale and scope of operations, the more detailed are the policies and procedures. In such cases, the centrality of document storage and distribution can be vital to streamline operations and avoid noncompliance.
Benefits of policy management software
Here are some of the most notable benefits of policy management system:
Minimizes risk across your organization and enhances compliance: You can minimize security risks and react to breaches more quickly if your employees know the policies they need to follow in different scenarios. Policy management software provides a central repository for storing all policy documents and ensures that relevant users can access them quickly when needed.
Improves accountability: Audit trails and version histories allow you to track who updated, reviewed, or approved a policy. Additionally, digital attestation allows you to ensure that your employees have read and understood the policies, making them accountable for any noncompliance.
Automates policy management workflow and saves time: Policy management systems automatically send notifications to various stakeholders and helps to eliminate duplicate efforts in policy creation, review, and editing. They also eliminate the requirement of printing physical copies of the policies for approval or distribution.
Key considerations when buying policy management software
Along with deciding the features you need in a policy management software solution, it's also important to consider the below parameters.
Integrations with office productivity tools: Policy management software that integrates with software such as SharePoint, Office365, or Dropbox helps users seamlessly create, review, and approve policies from within those office productivity tools. Integrating with communication tools such as Microsoft Outlook or Slack can aid in the sharing of the policy documents. It should also integrate with your HR tools; governance, risk management, and compliance (GRC) system; and more.
Cloud-based vs. on-premise: You must decide whether you're more comfortable storing your policy documents in third-party cloud apps or on-premise servers. Cloud-based policy management software allows employees to access the policy documents from anywhere using the internet, is easily scalable, and receives regular updates and upgrades from the vendor. On the other hand, on-premise solutions may suit you better if your organization is not inclined to storing sensitive policy documents on a third-party cloud.
Note: The applications selected in this article are examples to show a feature in context and are not intended as endorsements or recommendations. They have been obtained from sources believed to be reliable at the time of publication.