Minding your P’s and P’s
It seems that there is a constant barrage of regulations and standards that businesses must comply with. Every quarter there is a new audit; SOX, GLBA, HIPAA, PCI, and the list goes on. Businesses try to accommodate these requirements by adopting structured governance model which presents their own requirements, seldom aligning perfectly with the others. Fortunately, there is a common thread woven into all these business detractions. If managed properly, that thread can be a lifeline to save much of the time and effort required to meet regulatory requirements. So what is this thread? It’s your policies and procedures.
Policies and procedures are the foundations of your businesses activities. They are the rules that you play by. They also can make up much of the evidence required by auditors to show that you understand and intend to comply with whatever regulation or standard being applied at that moment. Policies are high level management directives. They are designed to indicate to the company’s workers that management has made a commitment to something which they expect the staff to uphold. Policies are typically general in nature. Specifics are usually in the domain of the procedure. Read more