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Development of Financial Policies and Procedures: How to Vet the Process Successfully

Development of Financial Policies and Procedures: How to Vet the Process Successfully. Michele Codd, The George Washington University Cindy Hope, The University of Alabama Michelle Vazin , Vanderbilt University . Overview. What is a good policy development process?

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Development of Financial Policies and Procedures: How to Vet the Process Successfully

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  1. Development of Financial Policies and Procedures: How to Vet the Process Successfully Michele Codd, The George Washington University Cindy Hope, The University of Alabama Michelle Vazin, Vanderbilt University

  2. Overview • What is a good policy development process? • What does “vetting” entail? • What are some best, and worst, practices (i.e. our real-life experiences?

  3. A Guide To Policy Development, Office of the Auditor General, Manitoba,http://www.oag.mb.ca/wp-content/uploads/2011/06/PolicyDevelopmentGuide.pdf

  4. The Best Process It Depends: • How broad is the impact? • How time sensitive is implementation? • How critical is implementation? • Is cost a factor?

  5. Importance of Appropriate Vetting Identification of stakeholders and knowing when to bring them into the process is critical – • Who can put you back at start if you don’t get early input? • Who will keep you from leaving start if you do? • Managing when both of the above describe your stakeholders!

  6. Qualities of a Good Policy Characteristics of good policy checklist (bwmo.net/pdf/chapter2.pdf) • Good policy has an enabling purpose • Good policy is linked to a wider objective • Good policy has clear ownership • Good policy is short and clear • Good policy arises from a valid process • Good policy works within the confines of a given authority • Good policy is enforced • Good policy is adaptable

  7. Policy Gotchas When things don’t go as planned: • In the Process • Practices were not accurately/completely documented • Once live, things don’t work as anticipated • In the Policy • Loopholes • Collateral Damage • Over zealous auditors

  8. Defending Policy Different audiences require a different presentation • It’s necessity • It’s limits (to auditors)

  9. Final Thoughts After the Policy is in place: • Periodically need to review to ensure relevance • Be prepared to modify when things change • Periodically need to assess and confirm validity of the policy – Is it achieving the desired results?

  10. Contact Information: Cindy Hope Assistant Vice President for Research The University of Alabama Office: (205) 348- 8119 chope@fa.ua.edu Michelle Vazin Director, Contract and Grant Accounting Vanderbilt University michelle.vazin@vanderbilt.edu Michele Codd Associate Director, Sponsored Projects Administration The George Washington University mcodd@gwu.edu

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