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.

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2
Q

What are two essential components of effective implementation:

A

1 - Training

2 - Education

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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.

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