ISO 37001:2016 Anti-bribery Management Systems

Estimates done by the World Bank and international monetary fund show that between one to two trillion dollars are paid out in bribes annually. Other corrupt practices considered, an inestimable amount is lost by economies—a sad state of affairs.

How can ISO 37001 help?

ISO 37001 is a standard that details guidelines and requirements for organizations seeking to maintain, establish and implement an anti-bribery management system. It deals with two aspects:

• Bribes paid by an organization, its business partners or staff, acting for the organization or its benefit.
• Bribes paid to the organization, to is staff or business partners concerning the activities of the organization.

Difference between bribery and corruption

For us to fully understand the ISO standard 37001, it is essential that we first understand the difference between these two terms:

Bribery?is an illegal practice where an individual is induced to perform a specified action in exchange for an advantage. The advantage is often money, but it can also be services, trips and business possessions.

Corruption?Fraudulent conduct by those in power. This is a result of bribery and is prevalent in both public and private companies.

Which organizations can benefit from ISO 37001?

This standard is flexible and can adapt to organizations such as:

• Small and medium-sized enterprises (SMEs)
• Large companies
• Non-governmental organizations
• Private and public companies

ISO 37001 can be applied in any country. The organization seeking to certify its anti-bribery management system can contact a certifying body for assistance.

What pillar is ISO 37001 based on?

According to the standard, organizations seeking certification should implement controls and measures to prevent, detect and address bribery. These include:

• Anti-bribery training
• Risk assessment
• Commercial, financial and contractual controls
• Review, monitoring, research and reporting
• Continuous improvement and corrective action
• An anti-bribery policy
• Commitment, leadership and responsibility of senior management.
• Due diligence on business partners and projects
• Benefits of implementing ISO 37001

Benefits of an Anti-bribery Management System

Organizations have an anti-bribery management system will reap the following benefits:

• Promote confidence and trust-Organizations that are ISO 37001 certified promote trust and are more likely to sign lucrative agreements with other companies. Indeed an organization that is certified against such ills cannot participate in them. This view helps trade partners to see the organization as a credible partner.
• Protects an organization-?If your organization is accused of bribery and corruption, its wall may start tumbling down. In the eyes of the public, business partners and clients, that company is not worth it. It’s an irredeemable stain on any company’s reputation.
• A system that seeks to address bribery-?Here, the organization has the opportunity to become a leader against bribery and corruption. The anti-bribery system details the measures to be taken to detect and prevent the risk of corruption before it does any damage. The standard provides requirements for taking these measures based on the organisation's bribery risk.
• ●????????Avoid costs– organizations that have an anti-bribery management system could save fees that would otherwise be paid out in bribes. But the ultimate price saved is repairing its reputation in case of a scandal.

Bribery and corruption have been the death of many organizations. Protect yours from it. Get ISO 37001 certified.