During examinations, financial services organizations often do not get in trouble with regulators because they do not have a policy or that the policy is not acknowledged. They run into trouble because their policies and procedures are not aligned. The policy says to do one thing and the procedure tells people to do something else.

In this article, ProSight helps financial services organizations understand the proper way to align their policies and procedures by highlighting important steps in the creation process including:

• Understanding the difference between policies and procedures
• Establishing a defined departmental review process and centralized compliance review process
• Knowing what each regulator will evaluate