1. Purpose:
To establish guidelines and procedures for designating and managing authorized signatories within the organization, ensuring proper authorization and accountability for various official documents and transactions.
2. Scope:
This SOP for Authorized Signatory applies to all departments and functions within the organization where authorization and signing authority are required for official documents, agreements, contracts, and other relevant matters.
3. Definitions:
- Authorized Signatory: An individual granted official permission and responsibility to sign documents on behalf of the organization.
- Designated Approver: The person responsible for reviewing and approving requests for authorized signatory designation.
- Authorized Document Types: Official documents, agreements, contracts, financial transactions, and any other records that require authorized signatures.
4. Responsibilities:
4.1 Designation of Authorized Signatories:
- The department head or authorized personnel shall initiate a request for a new authorized signatory.
- The Designated Approver in the respective department shall review the request, ensuring proper justification and adherence to the organization’s signing authority hierarchy.
- Upon approval, the designated signatory’s details shall be updated in the official records and communicated to relevant parties.
4.2 Authorized Signatory Review:
- Regular reviews of authorized signatories shall be conducted by the Compliance Department on a quarterly basis.
- Designated Approvers shall verify the ongoing need for the authorized signatory and provide necessary updates to the Compliance Department.
- In case of changes in responsibilities or personnel, the Designated Approver shall promptly notify the Compliance Department to update the records.
4.3 Withdrawal of Authorized Signatory Rights:
- If an authorized signatory is no longer required or in the event of personnel changes, the Designated Approver shall initiate the removal of authorized signatory rights.
- The Compliance Department shall update the records and communicate the changes to relevant stakeholders.
- Any documents or materials previously signed by the withdrawn signatory shall be appropriately reviewed and validated for their continued validity.
5. Authorization Levels:
- Different levels of authorization may be established based on the type and value of transactions, as determined by the organization’s policies.
- Higher-level authorizations may require additional approvals from senior management or specific committees.
6. Document Handling and Security:
- Authorized signatories are responsible for ensuring the security and confidentiality of their signatures.
- Electronic signatures and digital signatures shall comply with applicable laws and regulations.
7. Training and Awareness:
- Designated Approvers and authorized signatories shall receive training on their roles, responsibilities, and the proper procedures outlined in this SOP.
8. Records and Documentation:
- The Compliance Department shall maintain an up-to-date and centralized record of all authorized signatories.
- Documentation related to authorized signatory designations, changes, and withdrawals shall be securely stored and easily retrievable.
9. Review and Revision:
- This SOP shall be reviewed annually by the Compliance Department and updated as necessary to reflect changes in regulations or organizational requirements.
10. Approval:
- This SOP has been reviewed and approved by [Name], [Title], on [Date].
11. Effective Date:
- This SOP shall become effective on [Date].
12. References:
- List any relevant policies, regulations, or guidelines that are referenced in this SOP.
13. Attachments:
- List any attachments or supporting documents related to this SOP.
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