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Keeping policies and procedures current

Question: 
How often should we approve our policies and procedures?
Answer: 

As to policies, the age-old answer is “it depends.” What has changed in your bank? What regulatory requirements have changed? But the standard answer is “annually.” The intent is to verify that the policy is taking the bank in the direction the board still desires. As for procedures, since they are usually approved at a lower level, they can be changed as needed.

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Compliance Management – Program and Training

First published on 06/04/2017

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