ISO 37001 is an international standard developed by the ISO to oversee anti-bribery management systems. The objective of the standard was to “establish, implement, maintain and improve anti-bribery compliance programs”.
The standard was developed to address the global concern, especially in the public sector regarding bribery. According to a report by OECD, over $1 trillion are paid in bribes each year and result in a loss of 5% of the global GDP annually.
Bribery and corruption are wrong not only from an ethical perspective but also harmful to organizations and businesses. They cause internal decay within institutions and can inflict considerable damage to an organization’s reputation.
Benefits and Advantages of ISO 37001 certification to Organizations
Implementing ISO 37001 can benefit your organization in several ways:
Compliance of International Standards
Compliance of international standards is essential for an established brand. It indicates that the organization follows international standards and is keen to take necessary measures for detecting, addressing and minimizing bribery in their institution.
Building Trust and Confidence
Implementing ISO 37001 can be beneficial for gaining the trust and confidence of clients. It gives assurance that the organization maintains goodwill and is dedicated to delivering their utmost best to their clients.
Increasing Organizational Efficiency
The presence of bribery can be detrimental for any organization as it damages the organization from within. Setting up measures to detect such irregularities can prove useful in increasing the efficiency of an organization.
Avoiding Reputational Damage
Bribery is a vice that does not only affect an organization’s effectiveness and efficiency but can also destroy the image of any organization. In the event of any irregularity found in the organization, ISO 37001 can be used as a testament to the company’s goodwill. It could be argued that the company has taken necessary measures to stop bribery and any irregularity does not represent the company’s culture. Such steps can go miles in saving the organization’s reputation.
Avoiding Cost and Imposition of Financial Penalties
Having a mechanism in place such as the ISO 37001 can help to avoid costs such as paying bribes to others. Also, it can be useful to a company’s case if a penalty is incurred upon them because of the action of a single employee.