NASFUND's Awareness on charters, frameworks, policies & standard operating procedures And The Change Management Process.

[Audio] Welcome to this presentation on NASFUND's awareness on charters, frameworks, policies, and standard operating procedures, as well as the change management process. As we embark on this journey together, let's explore how these essential elements work together to drive success within our organization..

[Audio] Charters are the guiding principles and values of the organization, while frameworks provide the structure for decision-making and problem-solving. Policies are the rules and guidelines to be followed, and standard operating procedures are the step-by-step instructions for tasks and processes. These elements are essential in promoting employee engagement and ensuring a positive work culture, providing structure, guidance, and a sense of direction for employees to follow..

[Audio] Charters are formal documents outlining the mission, scope, objectives, and responsibilities of a specific group or project within an organization. They serve as foundational agreements defining the purpose and boundaries of the group. Typically, executive leadership or project sponsors own charters, with senior executives or board members being primary owners for organizational charters. Key points include the mission and scope, objectives, responsibilities, and authority and resources allocated to the group. A well-crafted charter is crucial for project or group success..

[Audio] Frameworks are an essential part of any organization as they provide a structured approach to achieving specific goals and solving problems. They outline the key components, processes, and relationships necessary to achieve the desired outcomes. The purpose of a framework is to guide the development and implementation of policies, procedures, and other organizational elements. It serves as a roadmap for organizations to follow in order to achieve their goals. Frameworks are often owned by senior management or specialized departments within the organization. They are responsible for ensuring that the framework is effectively implemented and followed by all members of the organization. Key points to remember about frameworks are: first, they provide a structured approach to achieving goals. This means that they provide a clear and organized path to reaching the desired outcomes. Second, they identify key components and their relationships. This helps to create a cohesive and well-coordinated approach towards achieving the organization's goals. Third, they offer guidance on how to implement and manage processes. This ensures that all team members are on the same page and are working towards the same objectives. And finally, frameworks are flexible and can be adapted to different contexts and needs. This allows organizations to customize the framework to best fit their specific goals and objectives..

[Audio] Policies are high-level guiding principles that set the direction and boundaries for decision-making and behavior within an organization. They provide a consistent framework for addressing recurring situations and ensuring compliance with laws and regulations. The Board typically owns policies, with department heads and senior executives playing crucial roles in their development and maintenance. Policies offer broad guidance, ensuring consistent decision-making and behavior, while also helping to comply with legal and regulatory requirements. Additionally, policies can evolve to meet changing organizational needs..

[Audio] Standard Operating Procedures, also known as SOPs, are essential tools used to ensure consistent and efficient performance of specific tasks or processes. These detailed, step-by-step instructions drive towards delivering set business outcomes, while adhering to established standards. Department managers or team leaders typically own SOPs, as they are responsible for creating, maintaining, and updating them. The key points of SOPs include providing step-by-step guidance, ensuring consistency, promoting efficiency, and reducing ambiguity through clear instructions..

[Audio] The purpose of the Change Management Process is to outline the steps taken and stakeholders involved in updating, amending, or changing existing procedures and policies within our organization. The scope of this process is a systematic approach to dealing with changes to procedures and policies, ensuring effective and efficient implementation of these changes. The owner of this process is the team leaders, supervisors, managers, and head of division. The process begins with the business unit identifying the need to change or update an existing policy or procedure. They must complete the Policy/Procedure Amendment Form, which is then reviewed by the Legal Division and assessed by the Risk & Compliance Division. If the amendments are agreed upon, the divisional heads may approve the change. Once the changes are made to the existing policy, it is communicated to all business units or relevant stakeholders, and the approved changes and updates are included in the Policy and Procedures Manual..

[Audio] Charters are specific to a group or project, outlining its mission and objectives, providing a clear understanding of what needs to be accomplished. Frameworks offer a broader structure for achieving those goals and solving problems, encompassing multiple projects or groups. This distinction highlights the different scopes and purposes of these two concepts. Policies define what needs to be done, setting the direction and boundaries for decision-making and behavior within an organization. Standard Operating Procedures explain how to accomplish those tasks, providing step-by-step instructions for implementation. Frameworks serve as a structured approach to implementing policies and procedures, offering a roadmap for achieving desired outcomes. Policies provide high-level guidance on what needs to be done, leaving the details to the framework's implementation. This relationship underscores the interdependence of these elements in creating a cohesive system..

[Audio] Having designated owners helps maintain consistency in how these documents are applied and updated. Documenting frameworks, charters, policies, and SOPs ensures that everyone in the organization understands their roles, responsibilities, and the correct way to perform tasks. This clarity and consistency enable employees to work efficiently, knowing exactly what is expected of them. Moreover, compliance with relevant laws, regulations, and organizational standards is ensured through the responsibility of the owners. This leads to meeting legal and regulatory requirements by providing a clear framework for compliance. Furthermore, clear instructions reduce the need for constant supervision and clarification, streamlining operations. Finally, clear ownership ensures accountability for the creation, maintenance, and enforcement of these documents..

[Audio] When creating these documents, we face several challenges. One major issue is lack of clarity and communication, as unclear language can cause confusion and errors. Another challenge is inadequate stakeholder engagement, as failing to involve relevant parties can result in inaccurate reflections of real-world practices and unaddressed practical challenges. Resistance to change is also a significant obstacle, as employees may resist new policies or procedures if they're not part of the creation process or don't see the benefits. Furthermore, without proper enforcement, even well-written policies and procedures won't be followed, resulting in inconsistencies and inefficiencies. Additionally, overly rigid procedures can hinder flexibility and adaptability, making it hard to adjust to changing circumstances. Finally, maintaining and updating these documents regularly is crucial to keep them relevant and effective, as failure to do so can render them obsolete..

[Audio] Creating effective charters, frameworks, policies, and standard operating procedures requires careful planning, clear communication, and ongoing maintenance. By addressing these challenges, organizations can ensure that their documentation supports their goals and enhances overall efficiency and compliance. Each document plays a crucial role in the others, forming a cohesive system that guides decision-making and actions within the organization. Charters define the mission and scope, frameworks outline the approach, policies set the direction, and standard operating procedures provide the detailed instructions. Together, they create a robust framework that enables organizations to achieve their objectives while ensuring compliance with regulatory requirements..

[image] Smiling work colleagues. THANK YOU. RISK & COMPLIANCE.