Everything you need to know about the new international standard in compliance management: the ISO 37301.
Why do we need a uniform standard for a CMS?
Keeping up to date with all the requirements for compliance is an ongoing process that needs to be monitored continuously in a structured and targeted way. An effective and efficient CMS supports organisations in determining, monitoring and tracking the relevant requirements to improve compliance across an organisation.
It’s important not to underestimate the value of compliance management systems. Being able to demonstrate that your company has implemented a set of recognised compliance processes is invaluable to all interested parties, from employees to suppliers, judges and governments. It helps ensure and demonstrate that your organisation and staff operate in accordance with all applicable laws, regulations, industry codes, voluntary standards and codes of conduct. It provides assurance that you have in place all the necessary measures to prevent or lower the risk of corruption.
Since the ISO 37301 sets a clear and comprehensive global benchmark for state-of-the-art compliance management systems, organisations that fail to follow the standards may lose out to companies who implement them. And for good reason. Ultimately, a comprehensive and certified CMS demonstrates a firm commitment to company-wide good governance and ethical practice.