The compliance management system should be based on the principles of good governance, proportionality, integrity, transparency, accountability and sustainability
What is ISO 37301?
The international standard ISO 37301 provides guidelines for effective compliance management systems. Based on the principles of good governance, proportionality, transparency and sustainability, it describes the key components and processes of an effective Compliance Management System (CMS). The standard is a useful tool for organizations that wish to implement a compliance management system or are looking to standardize their system.
Similar to other ISO principles for management systems, the ISO 37301 draws on the established ISO principle of “Plan-Do-Check-Act” (PDCA) which requires that certified companies operate within a continuous improvement process cycle.
The standard is applicable to all types of organizations, irrespective of their size, industry, risk exposure or global footprint. Including the following:
- Private organisations, including separate business units and subsidiaries.
- Public organisations, including administrations and political parties.
- Non-profit organisations, including NGOs and charities.
Why is ISO 37301 important for your business?
For organizations seeking growth and long-term success, consistently adhering to compliance obligations is a must, not an option. 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.
It’s important not to underestimate the value of compliance management systems. Being able to demonstrate that your company has implemented a set of recognised compliance processes is invaluable to all interested parties, from employees to suppliers, judges and governments.
Since ISO 37301 sets a clear and comprehensive global benchmark for state-of-the-art compliance management systems, organisations that fail to follow the standards may lose out to companies who implement them.
Concisely, ISO 37301 gives your business credibility towards all in the market by showing:
- Proof of the commitment to integrity
- The ability to detect and prevent issues
- The capability to deal with inquires and problems
The benefits of ISO 37301
- The recognition of becoming one of the first organisations certified against the standard
- Build customer trust and loyalty
- Establish credibility in the market
- Gain a competitive advantage
- Stabilise partner ecosystems
- Increase operational efficiencies
- Quickly and effectively address compliance concerns
- Increase the confidence of third parties in the organization’s capacity to achieve sustained success
- The ISO 37301 standard follows the same structure as ISO 9001, ISO 14001 and ISO 45001 and can easily be integrated into existing management systems.