Policy management is a small but vital piece of your bank’s compliance puzzle.
However, with laws and regulations changing as sharply as the weather, this puzzle piece is becoming increasingly difficult to slot into place.
Indeed, 38% of compliance officers cite the complexity and enforcement of sanctions as their biggest current challenge.
To overcome this difficulty, institutions should harness technology wherever possible. This is where a bank policy management software can help.
Bank policy management software: A comparison of 10 providers
Policy management software enables institutions to create, enforce, update and track policies at scale. This improves alignment with regulatory best practices and ensures employees understand their individual — and company-wide — framework obligations.
Typically, policy management software comes as an integrated feature within a wider platform. These solutions can vary from governance, risk, and compliance (GRC) tools to broader, more feature-rich digital workplace solutions.
To give you a better understanding of the options available to you, we’ve compiled a list of the top policy management software providers on the market. Under each vendor, we’ve listed some key customer-sourced pros and cons. This will help your bank choose a solution that meets your specific requirements.
1. Claromentis
Unlike the other software providers on this list, Claromentis is a unique build-your-own digital workplace platform. The full integrated solution comprises a feature-rich intranet, an engaging learning management system, and a comprehensive business automation software.
A fundamental application of our core solution is the Claromentis Policy Manager. This tool empowers organizations to:
- Migrate and bulk upload existing policies.
- Create new policies using a range of assets (e.g. file uploads, webpages, and Claromentis-generated pages).
- Track version control.
- Customize and manage the complete policy workflow, from drafting to consultation, approval and distribution.
- Enforce employee acceptance for mandatory policies.
- Set reviewal dates and automatically notify admins of upcoming revisions.
- Archive outdated policies as soon as an update goes live.
- Collaborate with feedback and suggestions.
- Restrict access based on granular roles and permissions.
- Produce policy reports and generate data-rich dashboards.
In the soon-to-be-released Claromentis 10, users will also benefit from a built-in AI policy management chatbot. Employees can ask questions about each policy and receive concise, easily understandable answers. This encourages better information retention and comprehension.
Pros:
- The policy management application comes part-and-parcel of the Claromentis intranet solution. This provides users with a suite of over 30 integrated applications, including powerful document management, project management, and internal communications features.
- Users have the option to bolt-on the Claromentis learning management system and/or business process automation software to augment their compliance efforts.
- The platform is highly intuitive, offers extreme customization, and requires no technical expertise.
- Organizations can securely share information and invite external auditors into the platform, should they wish.
- Customers appreciate the helpfulness of the Claromentis customer support teams and the extent of training available.
Cons:
- According to some users, the mobile application doesn’t always work seamlessly with the desktop application.
- Claromentis has yet to release integrations with third-party platforms such as SharePoint and Microsoft.
2. BAI Policy Manager by Prosight
Designed with the financial services industry in mind, the BAI Policy Manager by Prosight provides a range of policy migration, creation, distribution, and tracking features. Templates and policy considerations are also available within the platform.
Pros
- The BAI Policy Manager gives institutions a centralized, trackable repository for their compliance workflows and policies.
- The platform is user-friendly and contains convenient role-based access controls.
- Policy changes and update notifications are automated.
Cons
- BAI Policy Manager may be on the pricier side for smaller banks and financial institutions.
- The software lacks extensive customization options, meaning it’s difficult to adapt it to specific compliance and policy management needs.
- There’s a lack of AI-driven features.
3. Workiva
Workiva is a financial, regulatory, and ESG reporting software. Its built-in policy management capabilities encourage organizations to consolidate and connect policies across their reporting processes.
Pros:
- The platform is intuitive and conveniently connects documents across compliance and reporting lifecycles.
- Users can work simultaneously on documents, which is helpful for maintaining version control.
- The Workiva’s customer service is easy to deal with and responsive.
Cons:
- In order to share a document with a large group of stakeholders, organizations must grant access to every individual.
- Some users say advanced features require a steep learning curve.
- Customization can be very limited.
- Platform performance can vary, with some customers reporting slow connections.
4. Scrut Automation
Scrut Automation is a GRC platform that helps organizations create compliance controls, map them against frameworks, and streamline the external auditing process. The platform contains a pre-built library full of customizable policies.
Pros:
- Users rate the platform’s ability to streamline compliance procedures and automate evidence collection.
- Scrut Automation is good for tracking task progress and ensuring alignment with industry standards.
Cons:
- The policy customization options are very limited, with some users claiming the pre-built templates are unsuitable for their needs.
- Mastering Scrut Automation’s advanced features may require additional time and training.
- Some users say the system is buggy at times, which can result in frustrating information loss.
5. NAVEX One
Another GRC system, NAVEX One acts as a centralized hub for businesses to manage compliance policies, disclosures and training. Their policy and procedure management functionality encourages better employee comprehension and traceability.
Pros:
- Customers like the simple, easy-to-navigate user interface.
- NAVEX One provides robust reporting, policy management and incident management capabilities.
Cons:
- Customer support can be unresponsive, with some customers claiming long resolution times have led to sprint delays.
- Some users claim the platform isn’t very mobile friendly.
- It’s difficult for new users to get to grips with the platform.
6. Strike Graph
Strike Graph is an industry-agnostic compliance management software that contains some policy and procedure management capabilities.
Pros:
- Strike Graph is very intuitive, making it easy for anyone to manage compliance frameworks.
- The regular reminders for expiring evidence are useful.
- Users find the Strike Graph team very easy to work with.
Cons:
- Unlike many other competitors in this list, the platform does not contain workflow or approval processes for policies and procedures.
- External auditors cannot access evidence or collaborate within the platform.
- Updating policy documents across multiple evidence items requires re-uploading the same document for every instance.
7. PowerDMS
PowerDMS is a cloud-based repository for policy and compliance management processes, delivering one source of truth for organizations.
Pros:
- Users appreciate how simple it is to create, deliver and track compliance training.
- PowerDMS provides a single source of truth, which is useful for tracking compliance obligations and auditing procedures.
- Businesses can associate documents with accreditation assessments in real time.
Cons:
- There are some customization limitations, especially concerning workflows.
- The search functionality is basic and users cannot always find what they’re looking for within a document.
- Costs can be high for smaller institutions.
8. LogicGate Risk Cloud
As a holistic GRC solution, LogicGate Risk Cloud provides built-in functionalities that help organizations streamline and automate their policy management efforts. This includes the ability to write, enforce and track policies.
Pros:
- Users enjoy the flexibility of the platform and the ability to customize the homepage to suit their needs.
- The LogicGate team is very responsive to user feedback and functionality suggestions.
Cons:
- There’s quite a steep learning curve for non-technical users — especially those who are new to GRC platforms.
- Some important features are still in development, which limits usability and can cause project delays.
- It can be quite costly if you require the full set of capabilities.
9. Protecht
Protecht is a risk, compliance and audit management platform designed by risk experts. It enables organizations to monitor their compliance obligations and adapt to regulatory changes.
Pros:
- The platform is very easy to configure and amending risk registers and workflows requires no technical expertise.
- The Protecht team provides thorough platform and risk management training.
Cons:
- Certain features of Protecht may require JavaScript expertise, which can limit the accessibility of the platform.
- Advanced functionality can be hard to get to grips with at first.
- While basic dashboard customizations are simple enough, more complex adjustments can be fiddly.
10. LogicManager
LogicManager is an enterprise risk management platform that links insights, uncovers compliance risks, and recommends remedial actions. Like other competitors in this list, the solution contains compliance native policy management capabilities.
Pros:
- The platform is intuitive and admins require very little training to get started.
- LogicManager provides convenient, customizable workflows.
Cons:
- There are some limitations with the platform’s reporting capabilities. Some users also experience difficulties generating and customizing reports.
- Integration with third-party apps can be challenging for some customers.
- LogicManager can be expensive for companies with a tighter budget.
Why your bank should consider Claromentis
The majority of vendors on this list provide dedicated compliance software. While this is great for streamlining your policy and regulatory management efforts, that’s where their use cases end.
With Claromentis, the use cases are practically infinite. Our digital workplace solution doesn’t just solve one problem; it can solve any problem.
You can harness Claromentis as a policy and compliance management platform, company intranet, secure extranet or customer portal, centralized knowledge base, compliance training platform… And the list goes on and on.
This is thanks to the flexibility of our three distinct, feature-rich platforms:
- Intranet. Consolidate your bank’s important documentation, project work, communications, and policies in a centralized, version controlled environment.
- Business Process Automation. Standardize your regulatory procedures via automated e-forms, build competitive self-service channels, and use third-party integrations to enhance your data analytics abilities.
- Learning Management System. Create engaging learning pathways for enforcing policy compliance, progressing career development, and filling urgent skills gaps.
With the power of the full suite, your bank can not only enhance your policy management and compliance efforts — you can facilitate real, tangible change across your business.
To learn more about our digital workplace solution and its capabilities, schedule a quick discussion call with one of our experts.
