What is the relationship between formulating policy and preparing procedures?

Formulating policy involves defining the overarching principles and goals that guide decision-making within an organization, while preparing procedures translates these policies into specific, actionable steps. Policies provide the framework and direction, whereas procedures outline the practical implementation of those policies. Together, they ensure consistency and clarity in operations, enabling effective governance and compliance. Ultimately, a well-structured policy and procedure relationship fosters efficiency and accountability within an organization.