Executives will never understand the inner workings of the business without a clear view of the principles and requirements that establish the organization’s tone and direction, and granular visibility into the processes, functions, interrelationships, dependencies and risk/control points.
What’s more, many regulators and auditors consider these to be essential operating tools for an organization and expect to review them in the course of standard audits and filings.
For example, say an organization has documented a process for terminating IT access for an employee who is leaving the organization.
This process is contained in a procedure alongside other processes regarding technology access changes and monitoring activities for employment and termination.
The idea is that the documents must be viewed as living, breathing management tools.