Do you like cookies? 🍪 We use cookies, just to track visits to our website, we store no personal details. By using our site, you acknowledge that you have read and understand our Cookie Policy, Privacy Policy, and our Terms of Service.
Policies and Procedures are the backbones of a company.
We would define Policies as the written rules or the guidelines of a company and Procedures as the steps of putting into practice these rules. Writing and communicating specific policies and procedures is not a process that businesses do once but rather a continuously evolving setup.
Five principles for efficient policies and procedures
1
List all relevant stakeholders per P&P
2
Draft clear policies and detailed procedures in collaboration with all the relevant business operators.
3
Assign one Head Function of Policy or Procedure as final manager for the document.
4
Ensure that efficient communication and distribution of changes is given to the staff
5
Build a calendar to anticipate regulatory changes in order to review and update processes on time.
What are the benefits of having strong policies and procedures in place ?
Policies and Procedures are living rules and practices that must be amended and adapted to the new standards and current business reality. Outdated information can cause malfunctions in the entities and make you and your business look unreliable. Policies must reflect how the business works: in an updated, logic and clear way and compliant with the current legal framework.
When do Businesses need to update Policies and Procedures ?
The internal revision calendar of business policies & procedures are linked with the development and evolution of the business activities. Nevertheless here is a list of tips to seize the moment when a policy or procedure document revision is necessary:
Review your policies and procedures regularly ideally once per year, depending on the type of your business. Put it in the corporate calendar as part of the processes to be done on an annual basis.
Update more often when there are regulatory amendments or changes in the business of the entity. The Compliance Officer must inform of any regulatory changes, and a review committee should take into account all the news and the information that comes up.
If an incident occurs, take the chance to identify the gaps in your policies and procedures and review what is needed.
Gather feedback from employees and review your manual if you find that important issues arise. Be proactive and try to prevent incidents.
Delegate your company policies and procedures regulatory program
Our professionals can assist you by providing a clear and practical guidance regarding the drafting and update of your Policies and Procedures!
Central Compliance is the organization of all the compliance monitoring and controlling the professional activities of a given business or company thr...
Despite the consistent efforts adopted by banks to fight money laundering and financial crime, fines for AML breaches have hit an all-time high. In 2020, financial institutions were fined a grand total of $15.13 billion (€12.79 billion) worldwide, a 51.3% increase...
