Business organisations and transactions - Policies, procedures, best practise

4 important questions on Business organisations and transactions - Policies, procedures, best practise

Why do organisations have policies, procedures and best practices?

They help with consistency, efficiency and control which are important for all organisations.

What is the definition of a policy?

Guide to be followed in a given set of circumstances.

What is the definition of a procedure?

The sequence of steps for completing a specific activity. A procedure explains how the policy should be implemented or achieved.

Also includes exceptions as well as rules.
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Why do policies, procedures and best practises have to be documented?

  • Accountability
  • Consistency
  • Review and update regularly | Progress


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