– Human Resources: Procedures are clarified for both employee and employer so that should there be a deviation from agreed procedure there is a clear basis for any reaction.
– Communications: Where a control manual is operating correctly an employee should sign for the relevant sections of the manual upon employment and provide with a soft copy of reference. There should never be issues with “I didn’t know or I wasn’t told” both to the benefit of the employee and employer.
– Security: The physical assets of the business, be they cash or equipment are often in the care of employees. Human nature being what it is, there can be disassociation from those assets when they are not your own. We often see people walking around with cash bags in hotel and retail businesses without due care as the money is not their own. Agreeing a procedure for safety purposes reinforces the importance of protecting the asset and helps with insurance costs.
– Cost Savings: If the business has negotiated deals with certain suppliers, ensuring that these are availed of is a priority. A strong procurement policy allows savings to be achieved by the business at all times.
– Succession Planning and Disaster Recovery: By documenting what should be done and when the company has a natural plan should an employee leave unexpectedly or in the event of the loss of data due to fire, etc.
1. Keep it short and too the point.
2. Keep it in extractable sections so that it can be built to an appropriate level for each employee rather than over whelming them with a stack of rules.
3. Review it every 6 months and adapt it with the business.
4. Listen to feedback to ensure buy in by all parties and adapt where not working.
Director (ACA & CTA) of Advisory & Insolvency Services