Author: Loo Pei Shean (Management Consultant)
Overall, corruption reduces efficiency and increases inequality. Estimates show that the cost of corruption equals more than 5% of global GDP (US$ 2.6 trillion, World Economic Forum) with over US$ 1 trillion paid in bribes each year (World Bank). It is not only a question of ethics; we simply cannot afford such waste.
Anti-bribery management with ISO 37001
ISO 37001 is the first international anti-bribery management system standard designed to help organizations combat bribery risk in their own operations and throughout their global value chains. As we know, bribery is one of the world’s most destructive and challenging issues with over US$ 1.5 trillion paid in bribes each year. Although this ISO cannot provide assurance that there is 100% no bribery has occurred, the standard will help to reduce the risk the potential cooperate risk and costs related to bribery by providing a manageable business framework.
Requirement for ISO 37001
ISO 37001 anti-bribery management system specifies a series of measures to help organizations prevent, detect and address bribery.
- An anti-bribery policy and procedures
- Appoint top management leadership, commitment and responsibility
- Oversight by a compliance manager or function
- Anti-bribery training
- Risk assessments and due diligence on projects and business associates
- Financial, procurement, commercial and contractual controls
- Reporting, monitoring, investigation, and review
- Corrective action and continual improvement
Who need it?
It is a flexible tool and can be adapted for many different kind of organization depending the size and nature of the organization and the bribery risk it faces.
The benefits of a certified ISO 37001 Anti-bribery Management System
- Promote trust and confidence to stakeholder
- Implement the necessary measures (ABMS) designed to prevent, detect and address bribery
- Avoid Cost such as the pay bribes
- Avoid reputational damage
The benefits of a certified ISO 37001 Anti-bribery Management System
- Promote trust and confidence to stakeholder
- Implement the necessary measures (ABMS) designed to prevent, detect and address bribery
- Avoid Cost such as the pay bribes
- Avoid reputational damage
