Commercial or professional procedures that are accepted as being correct or most effective.
For example, the Association of Corporate Treasurers issues guidance on how to perform certain treasury activities, and this guidance can be considered to be best practice in relation to those activities.
More recently published codes often refer to 'good practice', rather than 'best' practice.
Examples include the FX Global Code, setting out good practice principles for foreign exchange market participants, and the UK Corporate Governance Code (for larger UK companies).
- Association of Corporate Treasurers
- FX Global Code
- Good practice
- Red tape
- Reputational risk
- UK Corporate Governance Code