Compliance Consultancy
Consultancy and management firm

Policies and Procedures

Compliance Consultancy Central Compliance Policies and Procedures
Policies and Procedures are the backbones of a company.
We would define Policies as the written rules, the guidelines of a company and Procedures as the steps of putting in practice these rules. Writing and communicating specific policies and procedures is not a process that businesses will do once but rather a continuously evolving setup that materialises business life.

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 responsible 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 Outdated information can cause malfunctions in the entities and make you and your business look unreliable.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 compliance with the current legal framework.
Business Compliance Policies and Procedures

When do Business 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 where a policy or procedure document revision is necessary:

  • Review your policies and procedures regularly once per year ideally, 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 for any regulatory changes, and a review committee should take into account all the news and the information that come 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.


Was this service page helpful ?  
Monitoring and Reporting - Compliance Consultancy
Monitoring and Reporting

Business monitoring and reporting is a continuous exercise that can save time and fin...

Compliance Action Plan - Compliance Consultancy
Compliance Action Plan

Compliance with the applicable legal framework depends on the Action Plan that the en...

UBO Register AML - Compliance Consultancy
UBO Register AML

What is the Ultimate Beneficiaries Owner - UBO Register ?The implementation of the us...

Compliance Risk Assessment - Compliance Consultancy
Compliance Risk Assessment

What are Compliance Risk Assessments ?A Compliance Risk Assessment (hereafter "CR...

Learning Management - Compliance Consultancy
Learning Management

Setting the emphasis on a continuous learning principle under professional employment...

Risk Based Approach - Compliance Consultancy
Risk Based Approach

In its most general definition, the Risk-Based Approach (RBA) is a methodology that a...

Regulatory Watch - Compliance Consultancy
Regulatory Watch

Most Financial Institutions agree that we live in an ever more complex regulatory lan...

Ethics and Standards - Compliance Consultancy
Ethics and Standards

The integrity of your organisation is essential. The top management has to explain ho...

Adverse Media - Compliance Consultancy
Adverse Media

Have you ever heard the terms Adverse Media Screening or Negative News scrapping and ...

Policies and Procedures - Compliance Consultancy
Policies and Procedures

Policies and Procedures are the backbones of a company. We would define Policies as...

Incident Reporting - Compliance Consultancy
Incident Reporting

No matter the area, accidents are sometimes inevitable. A well crafted incident rep...

Corporate Governance - Compliance Consultancy
Corporate Governance

Good corporate governance is essential to support business growth. Good governance pr...

Get in touch with us - Compliance Consultancy
Get in touch !

We'll present you the technology to stop money laundering and terrorist financing

Central Compliance is the organization of all the compliance monitoring and controlling t... Return to central compliance

Discover Pideeco Compliance Services and Business solutions for your operational business needs
Domain Experts
Oscar Canario da Cunha - Pideeco Network Partner
Oscar Canario da Cunha
Associate Director
Discover
Pavel Matejka - Pideeco Network Partner
Pavel Matejka
Senior Consultant
Discover
Vasiliki Karamousali - Pideeco Network Partner
Vasiliki Karamousali
Senior Consultant
Discover
Anastasia Bidjocka - Pideeco Network Partner
Anastasia Bidjocka
Junior Consultant
Discover
Compliance with the EU Directive for the Protection of Whistleblowers
Anastasia Bidjocka

On March 12 2019, the European Parliament and European Union Member States made a provisional agreement on how to protect whistleblowers. This new agreement guarantees a higher level of protection for whistleblowers than the level given in the original proposition of 2...

Read more Author What else ?
Compliance with the EU Directive for the Protection of Whistleblowers - Pideeco Journal