Policies and Procedures – Boon or Boondoggle
While fighting for one of our latest legal case of unauthorised electronic banking transaction, we found it hard to defend for a client against the banking institution in the absence of proper policies and procedures in the company. When we buy insurance, do we think of it as an expense completely or do we also look at it from a financial security perspective for us and our family. Expenses on creating policies and procedures is similar to buying an insurance. Look at the confidence and security provided by it while conducting business. Only then you won’t find it a boondoggle. People think of it as an additional expenditure since the results are not directly visible. You never know how many incidents you have averted by following the proper procedures. The business of our client who was victim of cyber fraud, was running completely on trust (mere trust) Employees were trusted not to disclose the confidential information There was a general presumption tha...