Hi, a warm welcome to the site. Your setting's policies and procedures are underpinned/built on law/legislation, regulation and practice requirements.
In a residential setting you are already in an environment set up to support and assist vulnerable children and young people. By following procedures you are afforded the protection of the law. Act outside of those procedures ie. do things your way when requirements stipulate what ought to happen, might mean you are committing an offense and placing yourself at risk of allegation and complaint.
Procedures protect children by explicitly detailing what is expected of staff members in particular situations. If possible can you ask for copies of the home's policies & procedures?
If it helps the level 3 unit CYP 3.3 page 110 has good reading for safeguarding and page 122 shows how to protect yourself, page 124 explains what to do if a child alleges harm or abuse,
NB some information on legislation in this book is out of date -
handbook on amazon.co.uk
http://www.silkysteps.com/forum/showthread.php?t=19332
Hth