Stepwise plan improves fintech company’s policy lifecycle management
Snapshot
From creation and approval to implementation and maintenance, policy lifecycle management is an essential element of an organization’s governance, risk, and compliance (GRC) program. Without it, an organization’s policies are likely to be outdated and ineffective. Liability can result if the organization is not following its policies or if the policies fail to comply with the latest regulations.
A fintech company sought Kalles Group’s expertise in establishing such a program at the entity level to give all stakeholders ready access to fully accurate and informative policies, standards and guidelines. The KG team created an annual policy lifecycle refresh program that was both sustainable and repeatable, helping the client shore up its legal and compliance needs.
Challenge
Establishing a level of maturity within a neglected policy lifecycle management programÂ
The company had a policy lifecycle management program already, but it had undergone multiple changes in ownership. This ultimately led to insufficient support from leadership, cascading responsibilities, and an unwillingness to designate an owner with overall responsibility for the program. Â
Despite these issues, the client was very serious about getting its program working properly and had expressed a desire to eventually hire a full-time employee to oversee it. However, they preferred to work with Kalles Group in the short term to establish a certain level of maturity in the program before making the hire. Â
Although a large-scale overhaul was necessary, there was no desire to completely scrap the existing program and start from scratch. Kalles Group worked to salvage parts of it that were still good to minimize wasted effort.Â
Approach
Making the policy lifecycle manageable with a structured, stepwise approachÂ
Kalles Group drew upon expertise in ISO 27001 and industry certification to put together a comprehensive project plan that was structured as a crawl/walk/run approach. This helped the fintech company complete the program’s tasks in easily manageable phases. The KG team outlined a detailed set of deliverables for each phase, aiming to establish the program for a full annual cycle. Â
Alongside these deliverables, Kalles Group provided a toolkit containing templates, resources, and data to demonstrate how the program could be executed efficiently and sustainably to achieve optimal results.Â
Results
A repeatable solution for long-term policy lifecycle management successÂ
The fintech company now has a ready-made playbook with all the instructions needed to maintain and improve its policy lifecycle management program and ensure that all stakeholders have easy access to accurate and informative policies, standards, and guidelines. This solution marks a major step forward in the company’s governance, risk, and compliance efforts, providing a solid foundation for future growth and stability.Â