October 2, 2023

A policy is a general written document that establishes an institution’s standard by which it manages its affairs. Policies mandate, specify, or prohibit conduct to ensure coordinated compliance, promote operational efficiency and reduce institutional risk.

They are not to be confused with procedures and guidelines which are more detailed and specific. For example, a retail store may have a policy on how long they allow customers to return items and what conditions are allowed. assurance en ligne

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