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:

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.