Blanket Policies and Procedures a concern for businesses

A must read…

http://www.smh.com.au/…/court-rules-nab-unable-to-recover-g…

There are those calling for stronger codes of conduct and codes of practice for the Vendor Finance industry at an Association level.

There is major concern with blanket policies as the NAB found recently.

I know people are pushing for professionalism (that supposedly doesn’t exist in our field) and shed a cowboy image that apparently exists. The way they want to do this is to introduce these blanket policies and procedures for members to show outsiders that we are being ‘professional’.

My concern is that by ‘beefing up’ (or bloating) current policies for other groups is that they will be used ammunition against members of associations who already have their own compliant policies and procedures in place. Part of any business these days is to have policies and procedures the reflect the way YOUR business runs. And yes, they’re compliant with the rule, regulations and laws governing what you do.

Those smaller operations, like investors who do one or two transactions a year, who don’t have such policies and procedures in place and still do the right thing will also have these types of policies and procedures used against them.

The businesses and associations involved in Vendor Finance need to have policies and procedures – and for the larger part they have existed for years.

Association codes should be written to give guidance to members and not to bind them or to hang them –  as can be done by a clever lawyer and a system rife with bias (that bias bit is my own opinion of course)

All businesses should have Policies and Procedures, especially the licensed ones (as it is a requirement of having the licence). but they they need to reflect their own business compliance, not a blanket ‘one size fits all’ style approach .

Blanket rules  are dangerous..

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