Compliance
Authorities such as RBI would want to see what is the actual implementation of stated policies. Financial institutions have been penalized for not implementing mandated policies.
POLICY VS ACTUAL
Corporate management implements various policies and makes changes based on changing business environments and market situations. More often than not, policies and changes are not carried out in the technology space due to its own constraints of people, time and cost. It is important to identify and record which rules and regulations of policies have not been implemented and the reasons for doing so. Such gaps need to be reported to management for their review.
BENEFITS
Internal Management
Policies generally have the approval of management and if these are not implemented such exceptions must be known to them with detailed explanation on reasons for not implementing approved policies.
Outdated policies
Often, policies become outdated if they are not constantly reviewed and updated. Outdated policies can result in wrong decisions and inefficiencies.
OTHER FRAUD PREVENTION &
MANAGEMENT SERVICES
Policies
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Prevention
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