Corruption and bribery are not only illegal but also socially unacceptable. Yet, it is one of the world’s most destructive and challenging issues. While different countries have different approaches to address this issue, ISO37001 offers a committed solution that reflects its position as global standard. ISO 37001 can be used to reduce corruption, bribery and fraud in the company and its operations.
What is ISO 37001?
ISO 37001 is an international standard that details how to implement a risk management system. This standard is not just for ISO-accredited organizations. Anyone can use it whether they’re running a small business or an organization of any size. It’s designed to help identify risky events and take precautionary measures against them.
How does ISO 37001 address corruption in the supply chain?
Businesses are at risk for corruption when working with other businesses in their supply chain. The vast majority of these corruptions happen in the form of bribes or kickbacks, and this is where ISO 37001 comes in. ISO 37001 is a framework that helps organizations identify corruption risks across their supply chain and take measures to stop it from happening.
The standards are used to address corruption-related business risks and help organizations mitigate these risks. ISO 37001 refers specifically to corruption in the supply chain. It provides guidance on how to identify where there is a risk of corruption, what it looks like, and how to measure it. Organizations are then able to develop strategies and policies that will protect them from being subject to corrupt practices by third parties in their supply chain.
Why has it become so important?
The ISO 37001 standard is being adopted by an increasing number of companies and industries. This certification ensures that businesses are doing everything possible to protect their customers’ personal data. It says that they are aware of the risks and that they have a management system in place to deal with these risks.
The ISO 37001 standard is the first of its kind. It sets the industry standard for a solid corporate culture that incorporates all aspects of business including ethics and sustainability. When implemented properly, it will provide a framework for higher levels of success in the future.