Policies and Procedures
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
List all relevant stakeholders per P&P
Draft Clear policies and Detailed procedures in collaboration with all the relevant business operators.
Assign one Head Function of Policy or Procedure as final responsible for the document.
Ensure that efficient Communication and Distribution of changes is given to the staff
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 Outdated information can cause malfunctions in the entities and make you and your business look unreliable.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.
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.
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