{"id":3393,"date":"2021-08-31T14:15:14","date_gmt":"2021-08-31T14:15:14","guid":{"rendered":"https:\/\/crigroup.com\/?post_type=blog&p=3393"},"modified":"2024-01-23T12:18:40","modified_gmt":"2024-01-23T12:18:40","slug":"why-financial-services-need-iso-37001","status":"publish","type":"post","link":"https:\/\/crigroup.com\/ar\/why-financial-services-need-iso-37001\/","title":{"rendered":"Why Financial Services Firms Need ISO 37001 ABMS?"},"content":{"rendered":"

When Soci\u00e9t\u00e9 G\u00e9n\u00e9rale, a global financial services institution based in France, agreed to pay a combined total penalty of more than $860 million for an alleged bribery and corruption scheme, it served as a warning shot to financial firms worldwide that a culture of enforcement has arrived. Soci\u00e9t\u00e9 G\u00e9n\u00e9rale was accused of paying bribes to officials in Libya<\/a> and committing violations in manipulating the London InterBank Offered Rate (LIBOR), one of the world\u2019s leading benchmark interest rates. Together with other regulatory penalties faced by the financial services giant, the total amount to be paid exceeds $1 billion. (The United States Department of Justice, 2018)<\/p>\n

Bribery and corruption often go together with money laundering \u2013 and, as such, the financial sector faces new Anti-Money Laundering (AML) rules and legislation that is strict and increasingly enforced. Remaining in compliance through implementing proper prevention controls is a must. Failing to do so can mean a loss of business, trust and reputation: Banking giant Citibank was fined $70 million<\/a> in the US for failing to address shortcomings in its anti-money laundering policies. We at CRI intend on being apart of the solution. Therefore, CRI Group’s ABAC\u2122<\/a> will be hosting a webinar on the 30th of September<\/strong> exploring the Pitfalls Most Organisations Often Commit – the importance of implementing Anti-Bribery Management System (ABMS). <\/em>Being a part of the solution means sharing our knowledge so society is one step closer to an ethical reality.<\/p>\n

Registration Expired<\/a><\/p>\n

In the US alone, more than 100 bribery investigations were in progress at the end of last year, with the financial services industry facing the most investigations. (Wall Street Journal, 2019)<\/p>\n

Having layers of safeguards in place is required both from a legal and compliance standpoint. One of the most critical layers is an effective anti-bribery management system (ABMS).<\/p>\n

Prevent Corruption and Promote Compliance<\/strong><\/h3>\n

There is a solution that financial services organisations can implement to take a proactive stance against bribery and corruption: The ISO 37001:2016 Anti-Bribery Management System standard. ISO 37001 ABMS is designed to help global organisations implement an anti-bribery management system (ABMS), as the standard specifies a series of measures required by the organisation to prevent, detect and address bribery, and provides guidance relative to that implementation.<\/p>\n

For financial services firms, this is a critical layer of protection that provides both anti-bribery controls and a system for compliance with various anti-corruption legislation, such as the FCPA and UK Bribery Act. The UK Bribery Act\u2019s adequate procedures requirement dictates that all companies need to have ongoing monitoring, training, surveillance and risk assessments \u2013 ISO 37001 ABMS is designed to fulfil these criteria and more.<\/p>\n

CRI Group\u2019s ABAC\u2122 Certification Services<\/a> is accredited to offer independent ISO 37001 certification to ensure that an organisation is in compliance with the standard, which is recognised and practised in more than 160 countries worldwide. CRI Group\u2019s auditors and analysts work with financial services organisations to develop measures that integrate with existing management processes and controls, and include:<\/p>\n