What is a policy in a business?

A policy in a business is a guideline or set of rules and regulations. It defines the regulatory and legal framework and defines when something is compliant. Examples of policies include company agreements, codes of conduct and safety information.

What activities does policy management include?

Policy management encompasses the entire process associated with a policy: generating, reviewing, approving, publishing, communicating, monitoring, and updating the policy.

Why are policies important?

Policies ensure that organizations are meeting regulatory and legal requirements, as well as ensuring compliance internally across the business. The resulting standardized code of conduct and workflows minimize business risks related to internal processes.

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