ISO 37301:2021specifies requirements and guidelines for establishing, developing, implementing, evaluating, maintaining and improving an effective compliance management system within an organization. It is applicable to all organizations, regardless of type, size, and nature.
Organizations that aim to be successful in the long term need to establish and maintain a culture of compliance, considering the needs and expectations of interested parties.
Compliance is therefore not only the basis, but also an opportunity, for a successful and sustainable organization.
Compliance is an ongoing process and the outcome of an organization meeting its obligations. Compliance is made sustainable by embedding it in the culture of the organization and in the behaviour and attitude of people working for it. While maintaining its independence, it is preferable that compliance management is integrated with the organization’s other management processes and its operational requirements and procedures.
An effective, organization-wide compliance management system enables an organization to demonstrate its commitment to comply with relevant laws, regulatory requirements, industry codes and organizational standards, as well as standards of good governance, generally accepted best practices, ethics and community expectations.
Benefits of Compliance Management System
- Improving business opportunities and sustainability;
- Protecting and enhancing an organization’s reputation and credibility;
- Taking into account expectations of interested parties;
- Demonstrating an organization’s commitment to managing its compliance risks effectively and efficiently;
- Increasing the confidence of third parties in the organization’s capacity to achieve sustained success;
- Minimizing the risk of a contravention occurring with the attendant costs and reputational damage.