Bribery is a major issue faced by businesses entities. For an organization, the cost of establishing anti-bribery management system in compliance with ISO 37001:2016 is minimal when compared to the commercial and financial losses including reputational damages which are likely to be incurred by exposure to bribery risks.
ISO 37001:2016 is the only internationally recognized Antibribery Management System standard (ABMS) that reflects international good practice and can be used in all jurisdictions. The ABMS is aimed at guiding and assisting organisations in implementing and improving their anti-bribery management system and it is applicable to small, medium and large organisations in the public, private and voluntary sectors. The standard does not guarantee companies are not engaged in bribery-related practices, but helps by providing a management system framework with which they can structure their due diligence programs.
ISO 37001 is likely to be useful to organisations in the following way.
It will help provide assurance to the board and shareholders of an organisation that their organisation has implemented good practice anti-bribery controls.
A project developer or project funder may require the contractors, suppliers and consultants which are constructing a project to provide certification to ISO 37001 as evidence that they have implemented anti-bribery controls in their organisations.
Organisations may require their major sub-contractors, suppliers and consultants to provide evidence of certification to ISO 37001 as part of their supply chain approval process.
ISO 37001 is applicable only to bribery. It is not applicable to other criminal offences such as fraud, cartels, and money laundering, although the organisation may choose to extend the scope of its anti-bribery programme to include these other offences.
Creates a Culture of Integrity
Prevent, Detect and Respond to Bribery Towards Better Ethical Business Culture
Enhance the Reputation and Image of Your Organization
Provide Confidence and Trust to Potential Partners