ISO/DIS 37301 has officially replaced ISO 19600. The main difference between these two standards is that ISO 37301 will establish requirements for the implementation of a compliance management system, as opposed to 19600 which only provides recommendations. This means that organisations can now have their compliance management system (CMS) verified through an independent third party. With the new ISO 37301 your organisation ca:
- Become attuned to new and existing laws, rules and regulations on a global level;
- Be alerted when the risk of breaching any regulation exists.
- Correct potential breaches in a swift and effective manner.
Why do I need to implement a Compliance Management System?
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 pro-active manner.
CMS helps organisations to comply with the legislation that is applicable to them and with the commitments assumed with 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, it also enables organisations to detect opportunities and to further increase the effectiveness of their CMS.
ISO 19600 is no more!
ISO 19600 Compliance management systems – Guidelines is a widely accepted standard that provides guidance for establishing, developing, implementing, evaluating, maintaining and improving an organisation’s compliance management program. It covered all compliance-related issues, including anti-trust, fraud, misconduct, export control, anti-money laundering, and other unexpected risks which might affect your business.
Introduced by the International Organization for Standardisation (ISO) in April 2014, the standard acts as a global benchmark for effective and responsive compliance management program based on good governance and transparency principles. The compliance standard operates as an advisory standard and is not used for accreditation or certification. However ISO 19600 CMS was officially replaced by ISO/DIS 37301 this month. ISO 37301 will establish requirements for implementing a compliance management system, as opposed to ISO 19600 CMS, which only provides recommendations.
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 reduced the costs and efforts.
Whereas ISO 19600 was a guideline, ISO 37301 is a certification standard
ISO 37301 is a so-called 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 who have previously aligned themselves to ISO 19600 will not need to make radical changes. And organisations can now have their compliance management system verified through an independent third party.
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, it also enables organisations to detect opportunities and to further increase the effectiveness of their CMS.
ISO 37301 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 a number of 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.
Do you have more questions?
- Who can apply for an ISO 37301 compliance management system certification?
- Why choose ISO 37301 certification?
- What do you need to get ISO 37301 certified?
- How to prepare for ISO 37301?
Check out our ISO 37301 page for more on the above, or download our brochure for more on ISO 37301:2021 CMS certification and training.
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