It takes a village to maintain and monitor business policies – Not convinced? here’s how …
To many, the cost of maintaining (updating) and monitoring (reporting on) business policies is limited to the few who manage these documents. However, that’s not the case.
Let’s see what it takes to maintain and monitor a financial crime policy:
- Risk/Compliance: update the policy for reg changes and update the training to reflect these changes.
- Business teams: review to ensure their processes are updated to reflect changes in the policy.
- Board: Review and approve policy updates and the on-going monitoring of policy implementation (policy attestation).
- HR: update training material/e-learning and ensure the training is completed by all staff in a timely manner.
- All Staff: undergo training so they are aware of the business practices that minimise financial crime (the policy content) and the implications of non-compliance (fines etc.).
That’s one policy. Now let’s do the same (to varying degrees) to 30+ policies.
If policies are instructions for the business, there has to be a better, more efficient way to instruct the business.