ISO 37301 Compliance Management Systems Certification

by abacnews · Published May 23, 2022 · Updated July 7, 2022

ISO 37301 Compliance Management System

ISO 37301 Compliance Management Systems and how to get certified…

Is your company in line with international regulations such as the U.S. Foreign Corrupt Practices Act (FCPA), or the Good Practice Guidance on Internal Controls, Ethics and Compliance (OECD) or the Anti-Corruption Ethics and Compliance Handbook for Business (OECD) and The UK Bribery Act 2010 – the British Ministry of Justice’s Adequate Procedures document. So many laws and regulations. So, few resources are available to ensure compliance.

Navigating a Sea of International Compliance Standards to Build a Framework for an Effective Strategic Compliance Program!

To stifle the spread of corruption at a global level, the world’s governing bodies have woven together with a complex and ever-expanding web of laws, regulations and standards. And these significantly impact how multi-national organisations conduct business.

If your business isn’t meeting the myriad obligations established by government bodies worldwide, the risk exposure can grow exponentially as each day passes. Good corporate governance begins at the top, with a strong leadership desire to demonstrate that your organisation is taking every available step to prevent bribery and corruption. The challenge comes in interpreting and complying with the many various laws, standards, codes and rules which companies face at a local, regional, and national level. Because of these challenges, you must develop a robust internal system to safeguard your organisation from the internal and external risks associated with bribery and corruption.

The guidelines outlined in the internationally accepted ISO 37301:2021 Compliance Management Systems represent the first step in developing a framework that protects the organisation from falling victim to the many risks associated with corporate bribery and/or corruption.

ENSURE GOOD GOVERNANCE & TRANSPARENCY WITH ISO 37301 CERTIFICATION

ISO 37301 standard provides guidance for establishing, developing, implementing, evaluating, maintaining and improving an organisation’s compliance management program. It covers all compliance-related issues, including anti-trust, fraud, misconduct, export control, anti-money laundering, and other unexpected risks which might affect your business.

Previously named ISO 19600, the standard was introduced by the International Organization for Standardisation (ISO) in April 2014, and replaced by ISO/DIS 37301 in 2021. ISO 37301 will establish requirements for implementing a compliance management system, as opposed to ISO 19600 CMS, which only provides recommendations.

Whereas ISO 19600 was a guideline, ISO 37301 is a certification standard

ISO 37301 is a Type A standard and – unlike its predecessor ISO 19600 – is certifiable. That being said, 90% of the new standard is based on ISO 19600:2014. Companies that have previously aligned themselves to this one will not need to make radical changes. And organisations can have their compliance management system verified through an independent third party in the future.

If your organisation performs regular risk assessments, you have probably noticed that corporate compliance consistently ranks as one of the most significant risks. The implementation and certification of a robust compliance program can help you maintain integrity and ensure compliance with all applicable rules and regulations in a systematic, structured and proactive manner.

CMS helps organisations to comply with the legislation that is applicable to them and with the commitments assumed by their stakeholders. They reduce the economic or reputational risks of failing to comply with them and are a fundamental tool for organisations to comply with their corporate social responsibility policies. They undoubtedly help to create a culture of integrity and compliance that fosters sustained success and the survival of the organisation.

Do you seek to benchmark your existing system against international best practices? Certification of your compliance management system by an independent third-party such as ABAC® not only provides assurance to your stakeholders, but it also enables organisations to detect opportunities and to further increase the effectiveness of their CMS.

ISO 37301 CERTIFICATION OFFERS ORGANISATIONS A COMPETITIVE ADVANTAGE

At the surface, organisations that implement ISO 37301 demonstrate a commitment to company-wide good governance and ethical practices, two core principles that contribute to any business’s overall economic success. But the benefits of implementation go much deeper and include:

Safeguarding the organisation’s overall reputation
Verifying the existence of an effective compliance management system
Reducing the risk of prosecution in legal proceedings
Strengthening the organisation’s position in international business deals

Additionally, courts in several jurisdictions have previously taken into consideration an organisation’s overall commitment to compliance when determining penalties in corruption-related legal cases. An effective compliance management system provides proof of the organisation’s integrity levels and business values.

WHO CAN APPLY FOR AN ISO 37301 COMPLIANCE MANAGEMENT SYSTEM CERTIFICATION?

Private organisations: the company at large, a business unit or a subsidiary
Public organisations: administrations, services, political parties
Not-for-profit organisations: NGOs, charities, foundations, association

WHY CHOOSE ISO 37301 CERTIFICATION?

Certification against ISO 37301 demonstrates your organisation’s commitment towards an effective compliance management system and any of its applicable subsections like:

General compliance
Anti-bribery
Sanctions
AML
Export control
Data privacy.

The inclusion of these subsections demonstrates its wide-ranging applications and its potential to revolutionise your overall compliance efforts. However, as with all of ISO’s standards, the requirements are broad enough to allow you to build a system that best suits the needs of your organisation, deciding upon the scope, location, number of people we interview, depth of the audits within the organisation, and which subsections to include.

WHAT DO YOU NEED TO GET ISO 37301 CERTIFIED?

Compliance policies and procedures
Personnel controls and training
Compliance objectives and planning to achieve them
Policies regarding reporting, monitoring, investigating and reviewing
Management, leadership, commitment, and responsibility
Risk-assessment procedures
Financial, commercial, and contractual controls
Corrective action and continual improvement of the CMS

GET STARTED

Anti-Bribery Anti-Corruption (ABAC®) Center of Excellence is an independent certification body that provides education and certification services for individuals and organisations on a wide range of disciplines and ISO standards, including:

ABAC®, is designed to assist in developing processes and systems that help your organisation effectively manage compliance risks and foster a system-wide culture of business integrity. ABAC® offers a complete suite of solutions designed to help organisations mitigate the internal and external risks associated with operating in multi-jurisdiction and multi-cultural environments while assisting in the development of frameworks for strategic compliance programs. Comply with confidence with ISO 37301!

GAIN COMPETITIVE ADVANTAGE WITH OUR ABAC® PROGRAM!

ABAC® is designed to help develop processes and systems that help your organisation effectively manage compliance risks and foster a system-wide business integrity culture.

Safeguard your organisation’s reputation
Strengthen your organisation’s position in international business deals
Become attuned to new & exiting laws, rules & regulations globally
Verify your current compliance management system
Correct potential breaches in a swift & effective manner
Prove your organisation’s integrity levels & business values
Be alerted when the risk of breaching any regulation exists
Reduce the risk of prosecution – courts in multiple jurisdictions can consider an organisation’s overall commitment to compliance when determining penalties in corruption-related legal cases

We offer a complimentary GAP analysis to our clients who opted for the ISO 37301 CMS, Integrated Management System including both ISO 37001 ABMS and ISO37301 CMS in one go to reduce the costs and efforts. Get redeem code now

Prove that your business is ethical.

Complete our FREE Highest Ethical Business Assessment (HEBA) & evaluate your current Corporate Compliance Program. Find out if your organisation’s compliance program is in the line with worldwide Compliance, Business Ethics, Anti-Bribery and Anti-Corruption Frameworks. Let ABAC® experts prepare a complimentary gap analysis of your compliance program to evaluate if it meets “adequate procedures” requirements under the UK Bribery Act, DOJ’s Evaluation of Corporate Compliance Programs Guidance and Malaysian Anti-Corruption Commission.

We offer a complimentary gap analysis to our clients who opted for the ISO 37301 CMS or looking for an Integrated Management System, including both ISO 37001 ABMS and ISO37301 CMS in one go to reduce the costs and efforts.

FREE GAP ANALYSIS