There are many buzzwords in the world of governance. We often talk about policies and if you have been following along, then you know that I have a template for policy documentation. The template covers the areas of when the policy was established, how it is monitored, who it applies to etc. All of this is good, but are there cases where we also need a procedure?
Think bank reconciliations. Nearly every group has a policy that states that bank reconciliations should be done each month for each bank account. However, I have seen “bank reconciliations” that I would not consider to be adequate. This is a case where you would want a procedure that was clearly explained and attached to the policy.
Policies are broad principles and there are going to be situations where you want to make your policy more effective by also providing the procedure.