policyIQ

policyIQ is a GRC (Governance, Risk, and Compliance) technology solution offered by Novus Notions, LLC. According to the vendor, it is designed to streamline compliance processes, manage policies and procedures, conduct audits, ensure IT security compliance, and administer contracts. The product is suitable for organizations of all sizes, from small businesses to large enterprises, and is utilized by professionals in internal audit, compliance, risk management, legal, and finance industries.

Key Features

SOX Compliance: According to the vendor, policyIQ can streamline risk assessments, control documentation, and audit preparation for SOX compliance. It is said to maximize business insight provided by the compliance program and offers easy configuration tools for a customized solution. Real-time progress tracking and results are provided through customized dashboards. policyIQ also claims to automate control attestations, reviews, sub-certification processes, and allows for simple electronic forms for control processes. Automated workflows for change routing and issue escalation are included.

Policy Management: policyIQ is said to centralize all policies, procedures, and related content in a single online portal. According to the vendor, it establishes a complete policy management life cycle with authoring, review, and approval tools. The system claims to automate workflow for proper approvals and maintain a full audit trail and version history of every policy and procedure. Compliance with sign-off forms is said to be improved to ensure employees have read the current policies. Additionally, issue management is enabled for tracking incidents or exceptions, and policies can be linked to related compliance content.

Audit Management: According to the vendor, policyIQ centralizes all audit work, including risk assessments, issue management, and time tracking. Real-time dashboards are provided for oversight and reporting. The system allows for simple roll-forward actions for new audit periods and streamlines audit evidence collection with advance requests for documentation. Workflows for reviews and issue escalation can be automated, and customization options are available for tailored solutions. Relevant audit results and evidence can be accessed for external audits.

IT Security Compliance: policyIQ, as claimed by the vendor, establishes a centralized portal for IT security controls, policies, and procedures. It connects IT controls to relevant compliance programs and frameworks and enables efficient control and compliance updates with changes flowing through all programs and reports. Testing efforts are said to be reduced by testing each control once with evidence and results reported across multiple programs. Compliance is claimed to be improved with control attestations, reminders, and automated evidence requests. Customized dashboards and comprehensive reporting are provided for oversight.

Contract Administration: policyIQ, according to the vendor, provides a flexible solution for the retention, oversight, and communication of contracts. It is said to centralize all executed contracts in a secure, web-based repository and captures data in configurable fields for tracking and reporting. The system claims to send automated emails and notifications for critical milestones or contract expiration and customize workflow processes for contract approval. Comprehensive reporting and dashboard capabilities are offered for contract oversight.