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 backbone of a company. Policies can be defined as the written rules or the guidelines of a company while procedures as the steps of putting into practice these rules also called second level policies.
Policies and procedures are living rules and practices that must be amended and adapted to new standards and to your current business reality. Outdated information can make you and your business look unreliable and can lead to series of risks, including fines and reputational risks. Policies must reflect how your business works: in an updated, logical, and clear way that is compliant with the current legal framework.
Seven principles for efficient policies and procedures
1
List all relevant stakeholders for each policy and procedure
2
Draft clear policies and detailed procedures in collaboration with all the relevant business operators.
3
Assign a manager responsible for updating 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.
6
Review your policies and procedures regularly, ideally once per year following a regulatory update, changes in the business of your entity, or if an incident occurs. The compliance officer must inform of any regulatory changes and a review committee should take into consideration news and information relevant for the document.
5
Be proactive and try to prevent incidents by updating your policies and procedures.
How can Pideeco help you with Policies and Procedures?
Our decade-long experience in the financial sector has helped us gain thorough knowledge of the regulatory landscape and of different types of businesses. We can help your business:
- Create a repository containing the last review date and formalize content updates, sign-off and approval date.
- Create a gap analysis to spot missing information or regulatory omissions within your policies and procedures.
- Assess the outlook of your policies and procedures to find missing documents within your business.
- Help you draft clear, comprehensible, and efficient policies and procedures.
- Update and upgrade your existing policies and procedures by adding relevant regulatory information and by improving your document’s language, structure, and formatting to ensure clarity and ease of use.
- Set up a regulatory watch to detect regulatory changes for your documents.
- Train your financial institution’s staff on changes and updates 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...
The Banking Industry & Regulatory Compliance Requirements
Compliance risk is one of the biggest concerns of the banking industry. Failing to comply can have an impact on the reputation of the brand and create a decrease in its customer population. Lack of due diligence in transactions and clients monitoring can drag the bank t...
