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The ABC's of Policies

Recorded on August 28, 2018

It sounds so simple: Policy, Procedure, Practice and Performance are the backbones of your institution's operations. Each element must be sound and coordinated with the others in order to ensure you maintain peak performance as well as regulatory compliance. But what exactly is a policy and how do you make sure you have the right ones in place for your “size and complexity”? Are all policies created equal? What is the problem with using the exact same policy as the last place I worked? If these questions sound familiar, we are here to help. A critical understanding of the role of policies, from Board action to creation to implementation, is an essential element of bank management.

Policies form the operational and regulatory backbone of your institution, yet more time seems to be spent on finding an existing version on the internet or “honoring” a version from a prior employer than crafting a new policy that meets all of your institution’s needs. Why is that? It is because policies are often after thoughts. We give them lip service and emphasize the core requirements without considering the holistic role they play at your bank and the real opportunities afforded you when take the time to understand each element of a policy and simple tools to tackle them. From Investments to Lending and Anti-Harassment to Privacy, your policies are only as strong as their craftsmanship and their deployment. This session explores the basics of policies from creation to amendment to retirement. It will look at which policies are required by regulations, the difference between operational policies and Board policies and offer best practices for the maintenance of a perfectly perfected policy pool.

This session will cover:

  • Defining Policy versus Procedure
  • Required Elements of a Policy
  • Maintaining a Compliant Policy Library
  • Required Policies
  • Best Practices in Policy Management

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