For companies with an existing anti-bribery compliance programme, best practice would be to convert that programme to a management system according to ISO 37001, the ISO standard that looks specifically at anti-bribery. The ISO 37001 standard is very easy to follow and provides a step-by-step path to anti-bribery compliance. Converting your anti-bribery compliance programme to the standard is very simple; it will only take a few days to adjust some of the structure, as the vast majority of policies and procedures will be identical.
There are several reasons why we believe ISO 37001 is the best way to manage anti-bribery compliance.
- Reduced risk of bribery
ISO 37001 provides a framework for organisations to implement and maintain an anti-bribery management system (ABMS). This can help organisations reduce the risk of bribery by identifying and mitigating bribery risks, implementing appropriate controls, and monitoring and evaluating the effectiveness of their ABMS. It is a simple-to-follow standard that provides a lot of built-in guidance and direction. ISO 37001 requires organisations to identify and mitigate bribery risks. This can be done by conducting a risk assessment to identify which bribery risks are most likely to affect the organisation. Once the risks have been identified, appropriate controls can be implemented to mitigate them. For example, organisations can implement policies and procedures to prevent employees from accepting or offering bribes and financial controls to track and monitor financial transactions.
- Increased transparency and accountability
ISO 37001 requires organisations to be transparent about their anti-bribery policies and procedures. This can help increase trust and confidence in the organisation from stakeholders such as customers, investors and employees.This supports greater buy-in from those stakeholders and shows that you are serious about managing bribery in your business. ISO 37001 requires organisations to be transparent about their anti-bribery policies and procedures. This can be done by publishing the policies and procedures on the company website and training employees on them.
- Improved compliance with laws and regulations
ISO 37001 is aligned with the requirements of many anti-bribery laws and regulations around the world, and can therefore help organisations demonstrate compliance with these laws and regulations. It doesn’t matter how many laws are included under the standard – meaning you can operate across 20 countries with 20 different bribery laws applying, yet only need to follow the one ISO 37001 standard. This allows you to manage your anti-bribery matters centrally and minimise the risk of missing items in certain countries. The standard is flexible enough to handle the differences across regions or countries. For example, the United States Foreign Corrupt Practices Act (FCPA) prohibits United States companies from bribing foreign government officials to obtain or retain business. ISO 37001 can help organisations comply with the FCPA by providing a framework for preventing, detecting and responding to bribery. This approach also works with the United Kingdom Bribery Act and other countries’ legislation.
- Enhanced reputation
Certification from an accredited ISO certification body like Speeki Europe also increases brand presence. An ISO 37001 certification can help enhance an organisation’s reputation as a responsible and ethical company. This can be beneficial for attracting and retaining customers, investors and employees. A study by the World Economic Forum found that companies with strong anti-corruption cultures are more likely to be seen as attractive investment targets.
- Reduced costs
ISO 37001 can help organisations cut costs by reducing the risk of bribery (which can lead to lower fines and penalties) and improving efficiency and effectiveness. By implementing an anti-bribery management system, organisations can reduce the time and resources spent on investigating and responding to bribery allegations.
Overall, ISO 37001 can provide a number of benefits for organisations, including reduced risk of bribery, increased transparency and accountability, improved compliance with laws and regulations, enhanced reputation, and reduced costs. It is the ideal solution for anti-bribery compliance.
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