Best Practices in Policy & Procedure Management for Financial Services

Solid policies and procedures are the backbone of an effective compliance program, providing a framework for the consistent application of rules and requirements across the organization and third parties that the firm conducts business with.

But just having a library of policies isn't enough. The key is having policies and procedures that are clear, actionable, defensible, adhered to across the firm and consistently updated to keep pace with regulatory change. In the complex and volatile business environment that financial services firms are operating in, that goal is often easier said than done. 

According to Michael Rasmussen, GRC Analyst & Pundit at GRC 20/20 Research and author of the OCEG Policy Management Illustrated eBook, policies and policy management really does matter to the success of an organization.  Effective policy helps to define compliance obligations and how the firm will meet them.  Policy identifies risk and outlines the controls required to mitigate that risk. Policies also outline ethical expectations for employees and uphold the firm's culture of compliance. And with so many moving parts, an ad-hoc approach to policy lifecycle management will only end in disaster.

"Policies are critical to the organization as they establish boundaries of behavior for individuals, processes, relationships, and transactions. Starting with the policy of all policies – the code of conduct – they filter down to govern the enterprise at all levels."

Michael Rasmussen, OCEG Policy Management Illustrated eBook

Looking for guidance on crafting and maintaining actionable and defensible policies and procedures?  Join MCO and Michael for the on-demand webinar Best Practices in Policy and Procedure Management for Financial Services.

This insightful webinar session offers practical insights into policy and procedure management in financial services. Learn how structured processes and the right technology can help your organization stay ahead in the ever-changing regulatory landscape while ensuring optimal employee engagement and compliance.

Learning objectives will include:

• Effective Policy Maintenance Strategies. Learn strategies to address the challenge of keeping policies current amidst evolving regulations, risks, and business operations, fostering adaptability and resilience.
• Understanding Policy Lifecycle Management. Grasp the significance of maintaining up-to-date policies and procedures in the dynamic landscape of financial services, where regulations, risks, and business operations are constantly in flux.
• Structured Processes for Policy Authoring and Approval. Explore the need for structured processes in creating and approving policies, ensuring clarity, consistency, and compliance.
• Employee Engagement on Policies, Attestations, and Awareness.Understand the importance of engaging employees at the front end of policy management, ensuring awareness, comprehension, and adherence to policies through attestation processes.
• The Role of Technology in Policy Lifecycle Management. Explore how leveraging the right technology can streamline the entire policy lifecycle, from authoring and approval to maintenance and employee engagement, enhancing efficiency and compliance.

Michael also answers questions from the audience.

More Resources

Learn about MCO's policy management solution

Watch the on-demand webinar:  Beyond Wishful Thinking: How to Create a Thriving Culture of Compliance

Download the white paper Conduct and Compliance: A Collective Approach to Ethics and Accountability

Read the blog post A Lack of Compliance Evidence Means It Didn’t Really Happen

Learn about MCO's Know Your Obligations Compliance Oversight Solution