Compliance Management System (CMS) – as the coordinated activity of an organization to establish, develop, implement, evaluate, maintain, and improve an effective compliance management system. It provides a framework for organizations to demonstrate their commitment to complying with relevant laws, regulatory requirements, industry codes, and organizational standards.
What is ISO 37301?
ISO 37301 is the international standard for compliance management that guides businesses to control and manage the life-cycle of compliance. The life-cycle of compliance goes throughout different stages such as identifying obligations, assessing risks, implementing controls, monitoring performance, and taking corrective actions, depending on the regulatory landscape. Hence, ISO 37301 can be applied to all sizes of businesses and across all sectors to foster a culture of integrity.
Why ISO 37301?
Benefits of an Effective Compliance Management System The tangible results of a structured, values-based, and risk-oriented approach to compliance are increasingly essential for global business credibility. They include:
- Improved Performance and Control: Enhances the management and control of the compliance life-cycle and regulatory obligations.
- Reduced Risks and Legal Costs: Minimizes the likelihood of fines, litigation, and financial losses related to non-compliance.
- Increased Operational Efficiency: Identifies and encourages more efficient and time-saving processes for meeting regulatory requirements.
- Provides Business Sustainability: Protects the organization’s reputation and ensures long-term business growth.
- Improved Organizational Performance: Promotes a consistent ethical culture and improved quality of governance across the enterprise.
- Strengthened Stakeholder Trust: Improved communication and relation among departments, regulators, and third-party partners.
- Realized Market Opportunities: Opens doors to partnerships and investments by demonstrating international standards of integrity and transparency.