At last, a requirements standard on managing compliance
What’s happened and why?
Organizations risk catastrophic consequences if they fail to act lawfully and ethically at all times. With that in mind, there’s been an ISO standard giving guidelines on compliance management since 2014. However, the market indicated that it wanted something more rigorous. So the 2014 standard has now been replaced by a new requirements specification for a compliance management system.
What does BS ISO 37301:2021 cover?
The new standard gives requirements and guidelines for establishing, developing, implementing, evaluating, maintaining and improving an effective compliance management system within an organization.
It follows the ISO high-level structure, plus the standard’s annexes provide excellent guidance for those interested in gaining a deeper understanding of the need for, and benefits of, good compliance.
Why use BS ISO 37301:2021?
This standard helps businesses deploy a compliance management system that ensures they’re consistently and accurately governing their compliance policies effectively. Adhering to principles of good governance, integrity, transparency, accountability and sustainability, this will result in:
- The prevention or early detection of rules violations, decreasing the risk of fines, penalties, work shutdowns, lawsuits and reputational damage
- More efficient compliance management
- A better internal understanding of the organization’s context, business operations, obligations and compliance risks, leading to better risk management
- Increased trust in the organization, which facilitates trade, investment, recruitment and staff retention