Question

Explain (150–180 words) the difference of policies and procedures and their implication for working in the financial services industry.

Answer 1

A Policy is just like a group of ideas and plans that are being used as a base for taking decisions. A policies is a set of rules or guidelines or principles that are used to achieving the goals of the company mainly long term goals of the compnay.

whiile the Procedures is a method or way of implementing the polcies or doing the work It is rigid in nature that means hard to change

Policies we referred as a set of rules while the procedures is a step by step sequence for the performance of work. Policies are help the management in taking decisions these are just like a general statements while the procedures suggest the way exactly used for the performance of the activity. Policies are flexible it change very easily while the procedures are inflexible they are vaery hard to change. Policies is a part of decision making while the procedures is a activity of work.

The implication of policies and procedures for working in the financial industry services are that policies are helpful for getting relevant papers or documents that could help in the proper effectiveness in the work or maintaining proper quality in the work while the procedures are helpful for achieving mission such as higher profitability It helps in fulfillment or compliance of all rules and regulations and effective working