Creating Effective Policies and Procedures

Course outline and objectives

In a summary of key issues cited in FCA disciplinary procedures, it was stated that poor quality/inadequate policies and procedures were mentioned in 100% of disciplinary actions prosecuted by the FCA. Policies and procedures are fundamentals of risk management and control and are often poorly drafted and unfit for their intended purpose, or are ignored by the business because they are drafted by Compliance.

This comprehensive course explores the purpose of policies and procedures, their link to the firm's risk mitigation measures, common errors made in the drafting of policies and procedures (and how to avoid them), how to ensure they achieve what they are intended for and how to "red team" policies and procedures to minimise the chance of those procedures being "gamed" by staff.

Using case studies and worked examples, the focus will be on enabling delegates to produce clear, intelligible policies and procedures that are fit for purpose, not subject to being "gamed" and which underpin high quality risk management at firms.

Who will it benefit?

This programme is specifically designed for financial services professionals who have to draft policies and procedures. It is also relevant to Compliance and Risk so they can advise those drafting on how to do so effectively to meet FCA standards and Internal Audit professionals so they are able to audit policies and procedures in a more value-added and effective way.

Topics may include, but are not limited to:

• Differences between Policies and Procedures
• The role that policies and procedures play in the risk assessment and risk mitigation process
• The role of Compliance in drafting procedures
• What should good policies and procedures contain?
• Available guidance from the FCA and other sources
• Hacking mindset and red teams