Are you looking to add Policy Management to your arsenal of tools? Maybe for your business or personal use only, whatever it is – it’s always a good idea to know more about the most important Policy Management statistics of 2024.
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How much of an impact will Policy Management have on your day-to-day? or the day-to-day of your business? Should you invest in Policy Management? We will answer all your Policy Management related questions here.
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On this page, you’ll learn about the following:
Best Policy Management Statistics
☰ Use “CTRL+F” to quickly find statistics. There are total 98 Policy Management Statistics on this page 🙂Policy Management Market Statistics
- The global policy management software market size was valued at $962.18 million in 2019, and is projected to reach $3.06 billion by 2027, growing at a CAGR of 15.7% from 2020 to 2027. [0]
Policy Management Software Statistics
- The global policy management software market size was valued at $962.18 million in 2019, and is projected to reach $3.06 billion by 2027, growing at a CAGR of 15.7% from 2020 to 2027. [0]
- 3 44% of organizations plan to implement or expand/upgrade their existing implementation of GRC or risk management software. [1]
- This trend is changing, as 40% are now using dedicated business continuity planning software, which is “essential for complex organizations, particularly those with limited staff, and with the growing importance of BC to business operations and strategy.”. [1]
Policy Management Latest Statistics
- Policy Management Software Market AsiaPacific would exhibit the highest CAGR of 17.4% during 2019. [0]
- Employee productivity (62%). [1]
- Employee safety (29%) Competitive differentiation (29%) Brand and reputation (28%). [1]
- Enhancing the quality, availability, and timeliness of risk data (79%) Enhancing risk information systems and technology infrastructure (68%). [1]
- Financial institutions rank their top ERM program priorities as 6 Collaboration between business units and the risk management function (66%). [1]
- Managing increasing regulatory requirements and expectations (61%) Establishing and embedding the risk culture across the enterprise (55%). [1]
- Boards devote a relatively small amount of their meeting time to risk management about 9% on average. [1]
- Only 6% of directors believe their organization’s board is effective at managing risk. [1]
- 16 65% of organizations are operating “reactive” or “basic” policy management programs. [1]
- 15 Credit unions in the U.S. face a combined $6.1 billion in annual regulatory costs, or about 15% of operating expenses. [1]
- More than half (51.75%). [1]
- 7 56% of organizations lack a formal program for assessing the BC readiness of third parties. [1]
- Only 27% of organizations rank their BC program maturity as a 4 or 5 out of 5, according to COBIT maturity level definitions. [1]
- The remaining 73% fall into maturity levels 0–3. [1]
- In 2006, the Office of Management and Budget published Standards and Guidelines for Statistical Surveys requiring that all Federal surveys with a unit response rate of less than 80 percent conduct an analysis of nonresponse bias. [2]
- Anti Fraud Controls Organizations that used proactive data monitoring had 54% lower loss and halved the time to detect the fraud. [3]
- Similarly, management review and whistleblower hotlines also reduced the losses by 50% and decreased the detection time by 50%. [3]
- The most common anti fraud controls implemented by organizations include an external audit of financial statements (81.7%), code of conduct (81.7%) and an internal audit department (73.7%). [3]
- In more than 88% of background checks conducted, no prior misconduct or redflags were discovered since perpetrators are often first. [3]
- Weak implementation of anti fraud controls, such as lack of internal controls (29%), overriding of existing internal controls (20%), and lack of management review (19%). [3]
- Bribery and Corruption Corruption schemes were often due to a lack of internal controls (29.3%) and overriding of existing internal controls (20.3%). [3]
- In a 2013 national survey, 2% of employees witnessed a colleague offering a bribe to a public official. [3]
- Almost 20% of employees observe bribery and corruption related misconduct. [3]
- Bribery and corruption related misconducted is more likely to be observed at multinational companies (19%) and supplier companies (20%). [3]
- In the private sector, 75% of bribery cases involve management. [3]
- Corruption cases cost a median loss of $200,000 and occurred 35.4% of the time. [3]
- More than 90% of CCOs report their Board or a committee of the Board is adequately informed of compliance risks and mitigation efforts. [3]
- 36% of CCOs do not know, or disagree, that their lines of business management take ownership of the compliance culture and agenda. [3]
- Only 15% of CCOs strongly agree with this statement, indicating that for many organizations room exists for growth. [3]
- 31% of CCOs do not know, or do not communicate, conduct and culture lessons across their organizations. [3]
- Further, 29% of CCOs have not documented, or do not know if they have, formalized compliance roles and responsibilities for their staff it is foundational for employees to understand the importance of compliance and their role within the compliance structure. [3]
- Only 29% of organizations report that they assess compliance proficiencies and skills of their staff on an ongoing basis. [3]
- At least 94% of organizations report that compliance requirements are embedded within their policies and procedures and separately also within their code of conduct, which is accessible to all employees. [3]
- Only 27% of CCOs strongly agree that the compliance function has a change management process in place to identify and incorporate changes in laws and regulations and to incorporate such changes into their policies and procedures. [3]
- Only 69% of CCOs say their organization leverages technology to support its compliance initiatives, while less than half just 47% say they use data analytics and other technology processes to conduct root cause and trending analysis. [3]
- 33% of CCOs report they do not have, or do not know if their compliance testing program includes transactional, process, and controls testing, and only 27% of CCOs strongly agree that they monitor and track for regulatory changes. [3]
- 84% of organizations provide reports on the enterprise wide state of compliance including culture, conduct, governance, and key issues. [3]
- Yet, only 47% of CCOs say their organization has an enterprise wide reporting system that is integrated with compliance monitoring and across functions and business units. [3]
- In a 2015 survey, 30% of compliance professionals in the United States do not measure the effectiveness of their compliance programs. [3]
- Similarly, in a 2016 survey, 44% of organizations do not measure the effectiveness of their policy management program. [3]
- Almost two thirds of organizations (63%). [3]
- Corporate Fraud Corporate fraud caused losses of $1 million or more in 23% of cases studied. [3]
- Retrieved 13 January, 2017) 8.4% of organizations victimized by fraud were fined as a result of the fraud. [3]
- The most common form of fraud was asset appropriation (> 83%). [3]
- Meanwhile, financial statement fraud occurred in less than 10% of cases but cost a median loss of $975,000. [3]
- The accounting department is responsible for more occupational frauds than any other business unit (16.6%). [3]
- The perpetrator attempted to conceal the fraud in 94.5% of the cases studied. [3]
- In a 2013 national survey, 3% of employees were aware of financial reports that contained misleading information. [3]
- January, 2017) 60% of 200 security leaders surveyed indicated that their organizations were victims of at least one social engineering attack in the past year. [3]
- Employees’ credentials were compromised in 65% of the cases. [3]
- 60 percent of enterprises have fallen victim to social engineering in 2016. [3]
- Phishing via links in emails represents 88% of all reported phishing. [3]
- An annual preparedness study found that 81% of organizations have a data breach response plan in place. [3]
- 37% of companies that participated in the study do not have procedures in place for data breaches that occur overseas. [3]
- Only 25% of companies in the annual preparedness study update data breach response plans once or twice a year. [3]
- 25% of companies that participated in the study have not reviewed the incident response plans of their 3rd party partners. [3]
- According to research conducted between January 2015 and July 2016, office themed email phishing simulations have the highest rates of success, at 20%. [3]
- Themed Phishes Have 20% Success Rate. [3]
- Malicious or criminal attacks were responsible for 48% of all breaches in the 2016 study. [3]
- Among organizations currently using or considering GRC technology solutions, nearly two thirds (61%). [3]
- In a 2014 national survey, 27% of American workers indicated that they have been the victim of abusive conduct at work. [3]
- 56% of bullies are people in positions of authority. [3]
- Less than 20% of American employers take actions to stop workplace bullying. [3]
- To escape bullying, 48% of the bullied targets quit their jobs. [3]
- Additionally, 13% of targets are fired from their jobs. [3]
- Pace of Regulatory Change Keeping policies current with changing regulations is the number one challenge for 47% of organizations. [3]
- Related, it was also noted that training employees (40%) and managing policy version control (32%). [3]
- In 2012, 40% of senior risk executives working for large organizations were very or extremely concerned about their existing risk system’s ability to adapt to forthcoming regulatory requirements. [3]
- 44% of respondents from mid size organizations and 12% from smaller institutions shared similar strong concerns. [3]
- In the past three years, 44% of organizations have faced “legal or external regulatory actions where a policy came under review as part of the action or defense”. [3]
- In a 2016 survey of risk management employers, two thirds (68%). [3]
- In a 2016 survey, 47% of surveyed internal auditors feel that their internal audit department is “sufficiently resourced for the demands that are made on it”. [3]
- Around half (51%). [3]
- There is a degree of regional variation, with respondents in Australasia reporting that only 28% of firms have a senior manager for conduct risk. [3]
- Retaliation Approximately one third (median value 36%). [3]
- 34% of American workers do not speak up about misconduct due to fear of retaliation from senior leadership. [3]
- Additionally, 30% were concerned about payback from a supervisor and 24% were worried about their co. [3]
- The top three topics most likely to be covered by training programs within the next two to three years include code of conduct (93%), conflict of interest (76%), cybersecurity (69%). [3]
- Only 12% of organizations have an advanced compliance and ethics training program. [3]
- Nearly 40% of organizations rate their programs as basic or reactive. [3]
- More than one half (51%). [3]
- More than one third of firms (37%). [3]
- 23% of companies do not have a formal compliance training plan in place. [3]
- Only 13% of Boards are given training on cybersecurity. [3]
- Whistleblowing Organizations with reporting hotlines detected fraud through tips 47.3% of the time whereas organizations without hotlines only detected 28.2% of fraudulent cases through tips. [3]
- In organizations that have a formal reporting structure, telephone hotlines were the most common method to report a tip (39.5%). [3]
- However, all forms of online reporting (such as email (34.1%) and web based or online form (23.5%). [3]
- Whistleblowers report fraud to their direct supervisors 20.6% of the time and company executives 18% of the time in the cases studied. [3]
- However, it should be noted that the Ethics Resource Center reports 56% of initial complaints are made to direct supervisors. [3]
- Over a six year span, the number of tips that are determined to have merit has increased from 30% in 2010 to 41% in 2015. [3]
- According to the Ethics Resource Center 91% of whistleblower tips are first reported internally. [3]
- If not addressed properly, 84% of those go on to report the misconduct externally. [3]
- Whistleblower hotlines are only implemented in 60.1% of organizations. [3]
- In small organizations, hotlines are only implemented in 25.7% of the cases studied. [3]
I know you want to use Policy Management Software, thus we made this list of best Policy Management Software. We also wrote about how to learn Policy Management Software and how to install Policy Management Software. Recently we wrote how to uninstall Policy Management Software for newbie users. Don’t forgot to check latest Policy Management statistics of 2024.
Reference
- alliedmarketresearch – https://www.alliedmarketresearch.com/policy-management-software-market-A06700.
- quantivate – https://quantivate.com/blog/grc-risk-compliance-statistics/.
- ed – https://nces.ed.gov/fcsm/.
- navexglobal – https://www.navexglobal.com/compliancenext/understanding-the-basics/the-ultimate-list-of-compliance-program-statistics/.
How Useful is Policy Management
One of the main reasons why policy management is so crucial is that it provides a framework for consistent decision-making. Policies help guide employees on how to behave in various situations, reducing the risk of errors, conflicts, and legal issues. Without clear policies in place, employees may act in ways that are detrimental to the organization, leading to decreased productivity, damaged reputation, and potential legal consequences.
In addition, policy management helps ensure that employees are aware of what is expected of them and understand the consequences of non-compliance. By clearly outlining the organization’s expectations and requirements, policies serve as a roadmap for employees to follow. This clarity helps create a more structured working environment, fosters accountability, and promotes a positive organizational culture.
Furthermore, effective policy management is essential for maintaining regulatory compliance. Laws and regulations are constantly evolving, and failing to keep up with these changes can result in severe penalties for organizations. Proper policy management ensures that policies are updated in a timely manner to reflect any new or amended regulations, reducing the risk of non-compliance and potential legal trouble.
Moreover, policy management can help mitigate risks and improve operational efficiency. By identifying potential risks and implementing policies to address them, organizations can proactively manage and reduce their exposure to various threats. This process not only helps protect the organization from financial losses but also improves overall business performance by streamlining operations and eliminating inefficiencies.
Additionally, policy management can enhance communication and transparency within an organization. Clear and well-communicated policies promote open dialogue between employees and management, clarifying expectations and fostering a sense of trust. When employees understand why certain policies are in place and how they benefit the organization, they are more likely to comply willingly and contribute positively to the organizational goals.
Overall, policy management is a fundamental aspect of organizational governance. It serves as a critical tool for ensuring consistency, compliance, risk management, communication, and transparency within an organization. While the process of creating and managing policies may seem tedious at times, the benefits far outweigh the costs. Organizations that prioritize effective policy management are better positioned to succeed in today’s complex business environment and avoid costly misunderstandings and mistakes.
In Conclusion
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