Claims Recovery Financial Services
Value Achieved in Policy Management
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Policies are critical to the organization as they establish boundaries of behavior for individuals, processes, relationships, and transactions. With today’s complex business operations, global expansion, and the ever changing legal, regulatory, and compliance environments, a well-defined policy management program is vital to enable an organization to effectively develop and maintain the wide gamut of policies it needs to govern with integrity. The haphazard department and document centric approaches for policy management of the past compound the problem and do not solve it. It is time for organizations to step back and define and approach policy management with a strategy and architecture to manage the ecosystem of policies programs throughout the organization with real-time information about policy conformance and how it impacts the organization. Claims Recovery Financial Services (CRFS) faced increasing challenges to manage regulatory compliance requirements and to ensure that policies were aligned with regulations and individuals were aware of policies. Particularly, they needed to prove compliance to policies not only to the regulators, but also to their customers who were also under the watch of regulators. CRFS also needed to prove they had a robust Compliance Management System that included policy management as mandated by the Consumer Financial Protection Board. CRFS purchased Keylight to manage policies and compliance mandates. GRC 20/20 has evaluated and verified the implementation of the LockPath Keylight Platform at CRFS and confirms that this implementation has achieved measurable value across the elements of GRC efficiency, effectiveness, and agility. In this context, GRC 20/20 has recognized the Keylight Platform and CRFS with a 2016 GRC Value Award in the domain of Policy Management.
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- Policy Management Demands Attention
- The Foundational Role of Policies in GRC Strategies
- Hordes of Policies Scattered Across the Organization
- Inevitable Failure of Policy Management
- Claims Recovery Financial Services: Value Achieved in Policy Management
- The Challenge CRFS Faced
- Solution to CRFS’ Problem
- CRFS Achieved Value in GRC Efficiency, Effectiveness, and Agility
- GRC Efficiency Value
- GRC Effectiveness Value
- GRC Agility Value
- GRC 20/20’s Final Perspective
- About GRC 20/20 Research, LLC
- Research Methodology
[/tab] [tab title=”Author”]
Michael Rasmussen – The GRC Pundit @ GRC 20/20 Research, Michael Rasmussen is an internationally recognized pundit on governance, risk management, and compliance (GRC) – with specific expertise on the topics of GRC strategy, process, information, and technology architectures and solutions. With 23+ years of experience, Michael helps organizations improve GRC processes, design and implement GRC architectures, and select solutions that are effective, efficient, and agile. He is a sought-after keynote speaker, author, and advisor and is noted as the “Father of GRC” — being the first to define and model the GRC market in February 2002 while at Forrester Research, Inc.
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