Policies and Procedures Manuals Services

Processes, Policies and Procedures Manuals

Processes, policies, and procedures serve as one of the main components of internal control systems, which support achieving efficiency and effectiveness in managing the organizational units.

What are processes, policies, and procedures?

  • The process is defined as an integrated framework for implementing a goal, objective, or task in a complete and proper manner in the context of controls.
  • The policy is defined as a set of regulations governing the implementation of the goal, objective, or task.
  • The procedure is defined as the workflow steps and associated forms from start to end points in light of the approved regulations whereupon the end of the procedure, the process will be completed.

Why are processes, policies, and procedures important for business entities?

The importance comes that the three main elements complete each other through the following:

  • Roadmap objectives’ directions within the most effective shortcut and benefits and fulfilling required internal control.
  • Ensuring compliance with laws, regulations, and the entity’s internal regulations.
  • Ensuring standardization of process implementation.

Furthermore, documented and approved processes, policies, and procedures manuals ensure that the processes are recurrently implemented based on a standard approach and that quality of deliverables is attained on a timely basis. This will help all organizational units to operate consistently and achieve their objectives in accordance with the approved strategic and operational plans, and ultimately put the business entity on the path to success.

Is it mandated for business entities to develop processes, policies, and procedures?

Yes, it’s mandated by the Central Bank of Kuwait and Capital Markets Authority for licensed persons, as follows:

Regulatory Body Business Entity References Mandates
Central Bank of Kuwait
  • Local banks
  • Finance companies
  • Exchange companies
CBK circulars develop processes, policies, and procedures manuals covering all entity’s activities whether banking as well as non-banking
Capital Markets Authority in the State of Kuwait Licensed persons The Executive Regulations of Law No. 7 of 2010, Module 6 -Policies and Procedures of Licensed Persons develop processes, policies, and procedures manuals by licensed persons based on the nature of the licensed activity
Capital Markets Authority in the State of Kuwait
  • Licensed persons
  • Listed companies in Kuwait Boursa
The Executive Regulations of Law No. 7 of 2010, Module 15 – Corporate Governance develop a board of directors’ charters and required processes, policies, and procedures that support the good practice of corporate governance pillars.
Capital Markets Authority in the State of Kuwait Licensed persons The Executive Regulations of Law No. 7 of 2010, Module 16 – Anti-Money Laundering and Combating Financing of Terrorism develop processes, policies, and procedures concerning AML/CFT
Capital Markets Authority in the State of Kuwait Licensed persons The Executive Regulations of Law No. 7 of 2010, Module 17 – Capital Adequacy Regulations for Licensed persons develop processes, policies, and procedures concerning capital adequacy

What is adding value to business entities by having processes, policies, and procedures?

  • Provide documented criteria for measuring performance and developing staff capabilities.
  • Ensure efficiency and effectiveness in managing the operations within organizational units.
  • Minimize deviations and define points of functional responsibility ensuring smooth and productive business processes.

What are the services offered by Baker Tilly Kuwait?

  • Development of Processes, Policies, and Procedures Manuals.
  • Development of implementation roadmap.
  • Train staff on proper and effective implementation.