ISO 37301
will specify requirements and provides guidance for use for establishing,
developing, implementing, evaluating, maintaining and improving an effective
and responsive compliance management system within an organization. The requirements
of this document are generic and are intended to be applicable to all
organizations, regardless of type, size and nature of activity, and whether in
the public, private or not-for-profit sectors. This International Standard is
based on the principles of good governance, proportionality, transparency and
sustainability. The future ISO 37301 meets a market demand on the need for a
Requirements and Certification Standard, and aims to standardize the process
globally as well as replace any national standard that may exist. Regarding the
scope of the future ISO 37301 standard, it specifies requirements and
guidelines for its use, to establish, develop, implement, evaluate, maintain
and improve an effective and proactive compliance management system within the
organization. A compliance management system is woven into every functional
area in your organization, from sales to advertising to operations and
administration. A good compliance management system can proactively address the
risks relevant to your organization while meeting multiple regulatory
requirements. A compliance management system is an integrated system comprised
of written documents, functions, processes, controls, and tools that help an
organization comply with legal requirements and minimize harm to consumers due
to violations of law. The Backbone of Compliance
Management System it provides a turn-key way to:
Manage your compliance program
Track consumer complaints
Monitor & report on all activities
A CMS is
how an institution can Learns about its compliance responsibilities
Ensures that employees understand these responsibilities
Ensures that requirements are incorporated into business processes Reviews operations to ensure responsibilities
are carried out and requirements are met Takes corrective action and
updates materials as necessary
It emphasizes
the importance of culture, especially the culture of integrity and compliance,
and communicates this importance throughout the standard. In addition to giving
us a definition of compliance culture, the standard also underlines that the
development of a compliance culture requires such ingredients as active,
visible, consistent, and sustained commitment of the organization’s governing
body, top management and management towards a common standard of behavior that
is required throughout every area of the organization. Summarizing this, it can
be concluded that a culture of integrity and compliance, not only is the
foundation, but also an opportunity for a sustainable and successful
organization and can be the right tool on the organization’s hands in this
journey.
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