ISO 37001: The Dawning of a New Standard for Anti-Corruption Programs

 

The International Organization for Standardization (ISO), a worldwide federation of national standards, has released the first international standard designed to help organizations prevent and detect bribery. 

ISO 37001, a standard for anti-bribery management systems, creates a framework that includes the steps associated with the implementation of an anti-bribery policy, the deployment of internal controls, the creation of compliance-related record keeping and reporting, and the performance of risk-based third-party due diligence. 

Benefits of an International Anti-Corruption Standard

  • Provides companies with a systematic approach to creating an efficient and effective compliance program.
  • Delivers additional guidance relating to the performance of third-party due diligence.
  • Creates an easily accessible standard for companies to use to benchmark and analyze their compliance program’s performance.

Practical Solutions Designed to Help Companies Achieve Regulatory Compliance

Deploying an effective compliance program requires a deep understanding of Anti-Bribery and Anti-Corruption regulations as well as an appreciation of the practical realties of conducting third-party due diligence. STEELE’s programs and services provide companies with access to the people, processes, and technology they need to adopt the ISO 37001 standard and comply with global regulations.

 ISO 37001 Core Elements

STEELE's Products and Services 

Adoption of an anti-bribery policy and the implementation of financial and internal-related controls. STEELE’s program advisory services guide companies through the entire compliance program process, from the creation of an anti-bribery policy, to periodic reviews to validate that the program functions as designed, to the ongoing testing to ensure the program reflects the latest developments within the regulatory environment.  
Performance of risk-based due diligence on third parties and their principals. STEELE offers a portfolio of due diligence services that allow companies structure a risk-based compliance program. Not only can companies meet the guidance set forth by the DOJ and SEC, they can also bolster their program with STEELE Identified Principals where third-party ownership information lacks. 
Ongoing program monitoring, record keeping, and reviewing the audit trail.  Using a portfolio of robust metrics, Securimate’s third-party compliance management platform creates transparency for organizations by fostering accountability throughout the third-party vetting process. Additionally, Securimate helps maintain an accurate and auditable record of actions involving each third party. 
Implementation of reporting and investigation procedures. Securimate’s third-party program reporting capabilities allow companies to monitor the status of their program as well as deliver routine and ad-hoc reporting as needed. 

Learn More about ISO 37001

We’ve compiled intelligence on ISO 37001 and the possible implications of the anti-bribery management systems standard for your company.

 

 

 

WEBINAR: COMPLIANCE WITH ISO 37001 ANTI-BRIBERY MANAGEMENT SYSTEMS IS LAGGING

presented by Compliance Week and STEELE

Thursday, October 20, 2016
2:00pm Eastern Standard Time

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READ THE WHITEPAPER

ThoughtLead_ISO37001_thumb.pngISO 37001: Creating a Global Framework for Compliance Programs

WE’VE SURVEYED YOUR PEERS FOR THEIR PERSPECTIVE ON THE NEW STANDARD…

In partnership with Compliance Week, STEELE conducted a survey to gauge compliance professionals’ understanding of how ISO 37001 might affect the compliance function. Here are the key findings: 

90% of respondents indicate that a global standard will effect change in compliance program. 

66% of respondents do not feel that their current program meets the standard. 

56% of respondents are likely to seek certification.

To learn more, read the full article: 

Survey: Anti-bribery Compliance with ISO 37001 Lagging

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