Every business builds on trust, transparency, and credibility to stamp its name as a leading force in its industry. Unfortunately, bribery is one thing that can subvert years of built trust and rub an organization’s name in the mud.
To curb that, ISO 37001 was established.
What is ISO 37001?
ISO 37001 Anti-Bribery Management System (ABMS) is an international set of standards designed to help organizations detect, address, and protect themselves from bribery. The standard offers guidance on:
- Setting up anti-bribery policies
- Appointing the right personnel to monitor such anti-bribery policies and ensure the company’s compliance
- Training and onboarding of new team members
- Risk assessments and due diligence on projects and business associates
- Setting up investigatory procedures
- Setting up and implementing financial control measures.
ISO 37001 Anti-Bribery Management System was established in 2016 as a Type A management system standard (MSS) to help organizations in the fight against bribery. The procedures, policies and controls aim to foster a sense of integrity and transparency within companies while ensuring they comply with all anti-bribery laws.
Who Needs ISO 37001?
ISO 37001 Anti-Bribery Management System is for any organization that desires to maintain a culture of integrity, transparency, and fairness. This is important for small, medium, and large-scale enterprises alike, whether in the public or private sector. In short, ISO 37001 is for every organization that wants to build trust.
Apart from its dire economic impart, bribery destroys trust, brings a sense of inequality, and discourages motivation. If everyone feels they could get whatever they want with money, hardly would anyone be inclined to follow rules and principles or contribute mentally. After all, with money, all else is dismissed.
In the long run, the organization and society as a whole will be in ruins.
What Kinds of Bribery Does ISO 37001 Address?
ISO 37001 addresses all forms of bribery by or of the organization, as well as direct and indirect bribery. This covers:
- Bribery by the organization
- Bribery by the organization’s personnel acting on the organization’s behalf
- Bribery by the organization’s business associates acting on the organization’s behalf
- Bribery of the organization
- Bribery of the organization’s personnel acting on the organization’s behalf
- Bribery of the organization’s business associates acting on the organization’s behalf.
However, ISO 37001 addresses bribery exclusively and DOES NOT refer to any other form of corruption such as fraud.
The standards of ISO 37001 are pretty much generic and applicable to all organizations, no matter their size or structure. Their generic nature is to allow every organization to tailor them to its peculiar business operations.
Organizations can also implement ISO 37001 as a standalone system, incorporate it into another management system, or fuse it with their overall compliance management system.
Benefits of Adopting ISO 37001
ISO 37001 Anti-Bribery Management System is highly beneficial to organizations for the following reasons:
- Organizations become better equipped to prevent, detect, and address bribery issues by or of the organization.
- Ability to establish processes that facilitate due diligence on potential business associates or employees, thus reducing the chances of working with someone who will undermine your business reputation.
- Opportunity to get the ABMS certification by an accredited body
- To become a part of the global fight against bribery and its destructive effects
- Create an ethical working environment where every person is motivated to do their best as appraisal and promotions are gotten on merit
- Ability to strike potential clients and partners with an air of trust.
Get Help from Formatour Incorporated
Looking to get ISO 37001 certification and all its benefits? Formatour Inc. provides training, consultation, and auditing to ensure your organization meets all best practices as required by the standard.
Our courses help you prepare for and obtain the ISO 37001 certification that builds integrity and credibility for your organization.
Contact us today.
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