Key Questions to Consider When Developing Policies and Procedures
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Knowing what to ask and answer will create stronger policies and procedures
When financial services organizations develop new policies and procedures, generally, policies are created first and procedures come after. But this shouldn't be the case. Procedures must be addressed at the same time as policies to ensure they're aligned - due to the number of factors that must be considered during the development process.
For this reason, it is important for institutions to ask themselves four key questions when developing organizational policies and procedures. BAI has put together a list of these questions and follow up questions organizations should answer which will help organizations define and organize the required actions and steps and help ensure necessary details aren't overlooked or forgotten. Questions include:
- What is the policy and procedure scope?
- Who does the policy and procedure impact?
- How will the policy and procedure be communicated?
- How will the organization measure success?
To learn more on how to properly develop organizational policies and procedures, download BAI’s "Key Questions to Consider When Developing Policies and Procedures" today!