Countless regulations, codes, and legal requirements; one single standard: ISO 37301

Author: Mario Quintana

“Organizations want to work and collaborate with companies that can be trusted, and that trust is built with a company culture of doing the right thing […] “

This is according to Howard Shaw, the former ISO 309 technical committee chairman who developed this standard.

In a constantly developing world, there are countless regulations, codes, standards, and legal requirements, so it is important to determine which organizations are committed to monitoring and complying with them.

ISO 37301 is an international standard that establishes the requirements for developing a compliance management system. It interests any company or organization that wants to demonstrate its adherence to legal requirements and ethical standards within its operational context. Consequently, it also serves as a tool to combat bribery, corruption, export/import control, money laundering, etc.

How does ISO 37301 help companies?

▪ Makes them aware of existing and new legal requirements.

▪ Alerting them to any violation or deviation concerning any regulation.

▪ Correcting such violations or deviations quickly and effectively.

▪ Safeguards reputation from any interested party.

▪ Reduces the risk of legal repercussions and, consequently, economic losses.

▪ Strengthens the company’s position in the face of any potential business.

This standard has the structure of 10 sections in which the following aspects of a compliance management system are highlighted:

– Identification of stakeholders.

– Context of the organization, as well as processes involving compliance obligations.

– Senior management commitment to demonstrating support for internal policies, processes, and procedures essential to achieving compliance.

– Monitoring mechanisms that can evaluate and measure program compliance based on objectives, controls implemented, and follow-up on deviations.

– Continuous system improvement and maintenance, following up on non-conformities, deviations, risks, and opportunities.

In a business context where the public eye is focused on headlines about legal scandals, boycott movements in the face of questionable practices, and transparency, ISO 37301 is the ideal tool to provide any organization with the tools to demonstrate commitment to compliance by shaping its purpose and values as well as the products and/or services it can offer.

References.

International Organization for Standardization (ISO) (2021). ISO 37301:2021 – Compliance management systems: Requirements with guidance for use.

International Organization for Standardization (ISO) (2021, April 14). The new standard for compliance management makes everyone a winner. Retrieved September 20, 2024, from: https://www.iso.org/news/ref2656.html

International Organization for Standardization (ISO) (2024). Defining good governance: A critical step towards sustainable development. Retrieved September 20, 2024, from: https://www.iso.org/contents/news/thought-leadership/defining-good-governance.html