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What is Corporate Policy Governance Important?

Refiloe Mohapi's Profile

Why is it a necessity for organization's policies to be reviewed and approved?

Answers

Topic Expert
Wayne Spivak
Title: President & CFO
Company: SBAConsulting.com
LinkedIn Profile
(President & CFO, SBAConsulting.com) |

You don't state explicitly what types of polices and who is reviewing and approving.

There are policies that should be shown to the CLO. There are policies that need to go to the Board (assuming you have one, or the Owner). There are policies that end up going to the government. And finally, there are policies that you may not have the authority to institute without a supervisor/manager's "ok".

Each needs review for a myriad of different reasons, at a minimum for clarity, grammar and punctuation.

Topic Expert
Regis Quirin
Title: Director of Finance
Company: Gibney Anthony & Flaherty LLP
LinkedIn Profile
(Director of Finance, Gibney Anthony & Flaherty LLP) |

Following Wayne's points. The approval process ensures that all risks are considered and addressed. The responsible level should understand the process intimately. Their agreement says, "Yes, this policy or procedure is valid to address the aspects of this process.

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