ISO standards sometimes remind us of a good old story about trendy things: you aren't really sure what it is, but it's always better to have it and keep up with other people. ISO is needed to keep up with other companies and world trends, so the introduction of the new standard takes its place among the compliance news.
What's ISO 37301:2021?
Simple as that — a comprehensive guideline and certification for compliance culture and methodology. New standard ISO 37301 replaced the old one (ISO 19600 from 2014) and serves the purpose of the controlled setup of a compliance management system. Like any other ISO, it aims to offer a unified standard for companies worldwide so the compliance process would be straightforward and applicable to any unit in the company.
What is new in ISO 37301 is its regulatory perspective: the previous ISO was used only as a guidance, the newest one shows the certification of your company and proves that it's accredited. An asset that would be nice to have, right?
This and other standards follow the logic of a quality sign - once you implemented the standard, the compliance process is set up and only requires further maintenance. ISO 37301:2021 could be appealing to your company if:
- The company didn't have prior established standards of compliance (international equivalents) and is looking for a quality label.
- Protect the reputation and establish a compliance system that is certified.
- Implement the transparency principles.
The standard will serve as a guide (and a certificate) for monitoring management risks, promote anti-fraud initiatives, split the roles and responsibility. The standard 37301:2021 starts from the methodology of identifying the needs and expectations of the organizations. Does it mean that the new ISO can be a starting point in the journey of compliance for the company - yes!
We welcome the new standard and encourage the companies to pay attention to it. Even if it's not the right fit for your company, look out for the alternatives and implement a sustainable methodology - better ASAP.