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ISO 37001:2016
What is ISO 37001:2016?
Benefits of ISO 37001:2016
Bribery Prevention
ISO 37001:2016 assists organizations in developing an effective anti-bribery management system. By adopting the right policies, procedures, and controls, organizations can reduce the risk of bribery from both internal and external sources.
Legal Compliance
This standard assists organizations in complying with applicable legal requirements related to bribery. By following the guidelines set out in ISO 37001:2016, organizations can ensure that their activities comply with relevant laws and regulations.
Improving Reputation
Implementation of the ISO 37001:2016 standard can provide confidence to stakeholders, such as clients, business partners and the general public. Organizations that can prove their commitment to bribery prevention can gain a better reputation and be perceived as responsible and ethical entities.
Risk Reduction
By identifying and managing bribery risks in a systematic way, organizations can reduce the potential financial, legal and reputational losses that can arise from bribery cases. This standard assists organizations in implementing effective controls to detect and address violations related to bribery.
Efficiency Improvement
Through the implementation of ISO 37001:2016, organizations can improve and strengthen their internal processes. The standard encourages the adoption of best practices in bribery risk management, monitoring, employee training and communication. This can result in improved operational efficiency and reduce losses that may arise from bribery.
ISO 37001:2016 Principles
Proportional procedure
The organization implements Policies and Standard Operating Procedures (SOPs) that are developed in proportion to the Bribery Risk.
Risk Management
Internal and external issues (country risk, sector risk, transaction risk, business opportunity risk and counterparty risk) are documented and visible in the Risk Management Maturity Assessment.
Effective communication
The anti-bribery policy is communicated to all parties, both internal and external through socialization and dissemination activities.
Leadership Commitment
Policies communicated to stakeholders and measurable risk analysis results are seen in effective leadership practices.
Due Diligence
Due diligence is conducted on processes/personnel/work units and stakeholders that assess the correctness of the location, compliance with laws and anti-corruption policies in place.
Monitoring and Evaluation
The Internal Compliance Team was formed to report the results of monitoring in the form of changes in risks, procedures and policies that support the effective implementation of anti-corruption management.