I know of one bank that has all policies changed or recertified by departments as of 12/31. They are then put on a CD for all directors to review for certification at the February meeting.
Also IMHO, to keep things easy, policies are the "what". Procedures are the "who", "when", "where" and "why", and should include functional titles rather than names in the event someone changes or moves on.
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Integrity. With it, nothing else matters. Without it, nothing else matters.