What is BS ISO 37301:2021 about?
When compliance is well managed, it helps organizations to detect and prevent breaches, thus reducing their risk of fines and lawsuits. BS ISO 37301:2021 is about implementing an ongoing compliance management system and obtaining a better understanding of good compliance.
Who is BS ISO 37301:2021 for?
All organizations have compliance requirements, so this standard applies to all, regardless of sector, type, size and nature of activity. Specific users will include:
- Compliance managers/officers
- Risk managers/officers
- Internal auditors
- Internal controllers
- Human resources
- The governing body
- Management and employees at all levels
What does BS ISO 37301:2021 cover?
It specifies requirements and provides guidelines for establishing, developing, implementing, evaluating, maintaining and improving an effective compliance management system within an organization.
In addition to the requirements, which follow the ISO high-level structure, BS ISO 37301:2021’s annexes provide excellent guidance for those interested in gaining a deeper understanding of the need for, and benefits of, good compliance.
Why should you use BS ISO 37301:2021?
The standard provides ongoing help with enforcing compliance. The benefits of using BS ISO 37301:2021 include:
- It brings together the organization’s key structures, policies, processes and procedures, making compliance management more efficient
- It helps organizations better understand their context, business operations, obligations and compliance risks, and implement reasonable steps to meet their obligations
- It prevents or enables the early detection of rules violations, decreasing the risk of fines, penalties, work shutdowns, lawsuits and reputational damage
- It can help ensure that organizations act lawfully and conduct their operations ethically, in line with social responsibility commitments
BS ISO 37301:2021 contributes to UN Sustainable Development Goal 8 on promoting decent work for all and economic growth; Goal 11 on making cities and communities inclusive, safe, resilient and sustainable; and Goal 12 on responsible consumption and production.