Organizations must have procedures in place to guarantee they stay up with the regulatory landscape, which is always evolving. Compliance with laws and regulations, on the other hand, can be more than just checking a box: it can be the product of a deeply ingrained culture of integrity and ethical behaviour. All of this adds up to a winning formula for business. A compliance management system is one method to get there, and a new standard has recently been released to aid in the process.
Compliance management systems – Requirements with recommendations for usage, ISO 37301, tells you everything you need to know about developing, implementing, maintaining, and improving a compliant management system. ISO 19600:2014, Compliance management systems — Guidelines, has been superseded.
Compliance, according to Howard Shaw, Chair of the ISO technical committee that established the standard, is about more than just avoiding fines and should not be limited to one department. It is a matter that concerns everyone.
He explained that “organisations want to engage and collaborate with companies they can trust.”
“And trust is based on a firm culture of doing the right thing, where every employee contributes because they recognise and believe in its value. Good leadership and clear ideals, which must originate from the top, are essential.”
In this sense, ISO 37301 encourages senior management involvement and promotes compliance as a good governance practise. It also suggests that regulatory management be integrated throughout the firm, with financial, risks, quality, environmental, and health and safety management processes, as well as operational standards and procedures.
The advantages of applying ISO 37301 are projected to include not just a lower risk of fines for non-compliance, but also improved reputation and credibility, which will provide clients and other stakeholders more trust, as well as additional commercial opportunities.
The standard can also be combined with other management systems, such as ISO 37001 for anti-bribery or ISO 9001 for quality, to boost efficiency, effectiveness, and productivity.
ISO 37001 is an international standard that enables any organisation to prevent, detect, and respond to bribery by implementing an anti-bribery policy. ISO 37001 targets one of the world’s most harmful and hard challenges head-on, demonstrating a dedicated commitment to stamping out corruption. It provides a globally recognised way to handle a destructive criminal activity that turns over a trillion dollars in filthy money each year.
ISO 9001 is a quality management system standard developed by the International Organization for Standardization (QMS). It provides forth a framework for improving quality and a vocabulary of understanding for any company that wants to continuously deliver products and services that meet the demands and expectations of customers as well as other stakeholders in the most efficient manner possible. The QMS includes all procedures, assets, resources, and cultural norms that support the organization’s goal of efficiency and customer satisfaction.
ISO 37301 was produced by ISO/TC 309, Governance of Organizations, whose secretariat is hosted by BSI, ISO’s UK member. It is available for purchase from your local ISO member or the ISO Store.
