Value creation: The emerging power of policies and procedures
Reducing risk and delivering value
Policies and procedures represent a vital "playbook" that aligns an organization’s strategy and overarching policies to its operations, risk management and compliance responsibilities. This alignment occurs when organizations invest in documenting and monitoring critical functions performed within the business and invest in ongoing maintenance. In order for that alignment to be meaningful and achieve the desired results, policies and procedures must also be supported by a defined framework that sets out a governance model and a set of accountabilities for defining and then managing the ongoing updates of both policies and procedures. Organizations that have pursued a comprehensive business transformation policy and procedure assessment and refinement process have created sustained bottom line improvements. Delivering value while simultaneously reducing risk to the organization is a win/win effort that should not be delayed.
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