evolution is the law of policies
Policies provide a framework of principles within which an organization makes choices about how it operates. They can either help or hinder the achievement of the strategic goals and vision. Clear policies make planning, prioritizing and decision-making far easier for everyone in the organization. We can help in formulating policies on any number of topics, for example, employment, financial investments, internal audits, risk management etc. Formulating a policy is only the beginning. Once your overall policies are in place, you must develop procedures that follow on from these. Policies are in the realm of governance and management while procedures are about management and operations. The following example illustrates the difference:
– In your employment policy you may state that you are an equal opportunity employer who does not discriminate based on religion, sex, nationality etc.
– In terms of your procedures you may ensure that when you advertise for a job opening or prepare a job description, it does not include any restrictions with regards to religion, sex, nationality etc.
Following are some policies we have helped companies formulate:
- Audit Committee charters based on global and local benchmarking studies
- Business Ethics and Internal Control policies
- Enterprise Risk Management framework
- Value at Risk (VaR) based risk management framework
- Risk management policy for managing foreign currency risk exposures
- Business Continuity policies and plans
- Employee Shares Option Schemes using Black Scholes method
- Revenue collection policy which minimized the fraud risks
- Policies with respect to career planning and succession planning
- Policies with respect to treatment of capital spares for manufacturing organizations