Chapter 7 - Policies & Procedures Flashcards
1
Q
What is the difference between Policy & Procedure
A
Policy describes a Firm’s Rule
Procedure describes the steps to implement that Policy.
2
Q
What are two essential components of effective implementation:
A
1 - Training
2 - Education
3
Q
how frequently must Policies & Procedures be updated?
A
1- reviewed periodically based on established guidelines.
2- May also be prompted by particular events.