There is a new standard for preventing bribery in business: ISO 37001:2016 Anti-Bribery Management System standard was created by the International Organization for Standardization (ISO) to help companies worldwide increase and measure their efforts against bribery and corruption.
This important new standard mirrors numerous steps contained in:
- The U.S. Foreign Corrupt Practices Act (FCPA)
- Good Practice Guidance on Internal Controls, Ethics and Compliance (OECD)
- Anti-Corruption Ethics and Compliance Handbook for Business (OECD)
- UK Bribery Act 2010
- The British Ministry of Justice’s Adequate Procedures document
ISO 37001:2016 certifies that your organisation has implemented reasonable and proportionate measures to prevent bribery. These measures involve top-level leadership, training, bribery risk assessment, due diligence adequacy, financial and commercial controls, reporting, audit and investigation.
But which types of organisations need this new standard? Read on to find out.
In the present era of globalisation, anti-corruption compliance plays a vital role for companies with high ethical values trying to expand business across borders and attract potential investors and business partners for the long term. Such companies are expected to ensure not just the integrity of their own operations but also the conduct of their suppliers, distributors, and agents wherever they may be. Evidence of this comes from high-profile prosecutions of multi-national firms that are not only subject to significant fines but also risk loss of share value and reputation.
To meet these needs, the standard ISO 37001:2016 is designed to apply to all organisations (or parts of an organisation) regardless of type, size and nature of business activity. The program is tailored to the needs and requirements of the organisation.
Public sector organisations
Public sector organisations play critical roles, often interacting directly with the public they serve; they include utility service providers, license issuing authorities and other regulatory bodies. These are vulnerable areas where authority is concentrated with weak financial positions that must fulfil the needs of both the service provider and its users. Such public sector organisations can benefit from implementation of ISO 37001:2016 to control bribery and corruption for enhancement of their productivity level and play an improved role in the socio-economic development of their country.
The government is a major stakeholder in socio-economic development of a country, hence it makes laws, regulations, and establishes departments to check and control bribery and corruption. Bribery damages economic growth and creates social problems, including depression, a sense of injustice and deprivation. However, in many developing countries, anti-corruption laws and regulations are either weak or implemented unevenly, providing no results. And government-led steps or campaigns to fight corruption remain ineffective, while bribes continue to be accepted as part of doing business. However, the menace of bribery and corruption can be mitigated through implementing ISO 37001:2016 standard, which provides safeguards within a management system, rather than temporary measures or mere slogans.
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In 2016, CRI Group launched ABAC® Center of Excellence (ABACGroup.com) – an independent certification body established for ISO 37001:2016 ABMS. The Center provides ISO 37001 training, and its certification services are accredited by the Emirates International Accreditation Center (EIAC).
Learn more about ISO 37001:2016 training and certification services with the ABAC Center of Excellence at ABACGroup.com.