Policies are the rules and guiding principles of YOUR FIRM while Procedures are the step by step sequence [activity], business units will perform to meet the policy needs and objectives within YOUR FIRM.
The ownership process of policies and procedures can be shown as follows:
- Policies are driven through the board to compliance [risk] to the business units
- Procedures are driven through the business units to compliance [risk] to the board
What is the difference between a policy and a strategy?
A policy is defined as a definite course of action, whereas a strategy is an educated method or a series of manoeuvres dedicated to a specific result.
Policies tend to be a requirement dictated by a higher order, while strategies may be used in an attempt to follow a policy
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