Effective policy management is fundamental to managing risk, improving performance and achieving compliance.
Most of the time organisations have policies in place, they just aren't communicated effectively so that employees understand and follow them. Inadequate policy management has led to some high profile cases which have resulted in catastrophic consequences:
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Transportation - British Airways - "in breach of company policy"
BBC News reported last year that British Airways admitted that "contact took place with a competitor in respect of long-haul passenger fuel surcharges, in breach of the company's compliance policy". With its reputation in tatters, this month BA received financial penalties of £121.5m fine from the Office of Fair Trading and £150m fine from the US Department of Justice.
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Banking - Nationwide - "lack of internal controls"
The Financial Services Authority (FSA) fined Nationwide £980,000 in February 2007 for failing to manage its information security risks after a laptop containing customer details was stolen. The fine was imposed because of the lack of internal controls rather than the breach itself according to Computing.
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Accountancy - Dixon Wilson - Lack of clear policies
In April 2007, Personnel Today reported an employee at accountancy firm Dixon Wilson, was dismissed after her employer objected to her blog. The tribunal later awarded £30,000 for unfair dismissal, citing no ‘real and serious causes’. Law firm Latimer Hinks, has urged employers to review their policies to cover internet blogging.
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To find out how to ensure you have effective and risk free policy management or for an opportunity to see an on-line demonstration please:
Telephone: +44 (0)870 013 1600
Email: info@netconsent.com |