Compliance Consultancy
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Policies and Procedures

Compliance Consultancy Central Compliance Policies and Procedures

What are policies and procedures?

Compliance policies and procedures
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 Outdated information can make you and your business look unreliable and can lead to series of risks, including fines and reputational risks.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.
Business Compliance Policies and Procedures

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 documentís 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 institutionís staff on changes and updates of your policies and procedures.

Let us know how we can help! We'll get back to you lightning quick!

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