June 15, 2021

Why go for a Compliance Management System based on ISO37301:2021?

Human Capital Uncategorized By Paige

Why go for a Compliance Management System based on ISO37301:2021?

Why onboard ISO 37301?

Howard Shaw, Chair of the ISO technical committee that developed the standard, stated that compliance is not just about avoiding fines and should not be limited to one department. It is everyone’s affair.

“Organisations want to work and collaborate with companies they can trust”

“And trust is built on a company culture of doing the right thing, where every employee contributes because they understand and believe in the importance of it. Central to this is good leadership and clear values, which have to come from the top.”

ISO 37301, can also be integrated into an organisation’s other management systems, such as ISO 37001 for anti-bribery or ISO 9001 for quality, thus increasing efficiencies, effectiveness and productivity.

ISO 37301 recommends integrating compliance management right across the organisation, to be embedded in its financial, risk, quality, environmental and health and safety management processes as well as its operational requirements and procedures.

Why is it important?

A CMS based on the requirements and guidance of ISO 37301 equips organizations with a set of tools (policies, processes, and controls) that allows them to establish and maintain a culture of compliance.
“For organisations seeking growth and long-term success, consistently adhering to compliance obligations is a must, not an option”

Organisations with a CMS based on ISO 37301 commit to sound norms of corporate governance, good practices, and ethical conduct.

ISO 37301 includes requirements that address competence, communication, and awareness.  it also requires and encourages the establishment of concise and effective policies, procedures, and controls which set organisations on a path toward a compliance culture and high ethical and integrity standards.

What are the benefits?

The benefits of implementing ISO 37301 are expected to include not only a reduced risk of fines due to non-compliance, but enhanced reputation and credibility, providing greater confidence to clients and other stakeholders and increased business opportunities.

Organisations will be able to:

  • Undergo a formal third-party conformity assessment for their CMS
  • Develop a positive culture of compliance
  • Quickly and effectively address compliance concerns
  • Protect their reputation and safeguard their integrity by preventing and detecting unethical conduct
  • Improve business opportunities and sustainability
  • Carefully consider requirements and expectations of internal and external interested parties
  • Develop strong and valuable relationships with regulators
  • Increase the confidence of third parties in the organization’s capacity to achieve sustained success
  • Build customer trust and loyalty