Why Certify for ISO 37301?
Display the effectiveness of your compliance system by certifying against an internationally recognised standard that was designed by experts from over 20 ISO member states.
While the first step towards improving the effectiveness of your compliance is unifying applicable programmes into one high-functioning system, the second step should no doubt be proving the merits of this new system to stakeholders. We often get asked the question: “Why should my organisation certify against an ISO standard when my country has strong compliance legislation in place?” Besides the possibility that an organisation is operating or conducting business in a country where they are not headquartered (who may have weaker legislation in place), there is also value to be found in things such as:
- Building trust with stakeholders
- Establishing credibility in the market
- Gaining a competitive advantage
- Stabilising partner ecosystems
- Becoming more efficient
- Essential to establish and protect your brand and reputation in the market
- Gain new customers
- Retain existing customers
Conducting business or forming new partnerships carries inherent risk to an organisation. Most companies are rightfully hesitant to dive headfirst into a new deal, because due diligence processes and laws exist to hold organisations accountable for the way their customers or partners conduct themselves. Certifying your anti-bribery system against a reputed ISO standard and conducting the annual audits that it requires, displays your organisation has nothing to hide and earns you a trustworthy reputation.
CREDIBILITY to show
- Proof of your commitment to integrity
- Ability to detect and prevent issues
- Capability to deal with inquiries and problems
Everyone talks about the ROI for compliance, particularly if the organisation is struggling financially and tough decisions are being made. Show the value of the work that you have performed and the difference that your compliance system has had on your company by certifying against a reputed standard. This can also be a source of pride for professionals within your team, displaying to the rest of the organisation and themselves that what they have built is notable. A certification shows that you have been independently audited and that you are not only using best practice but are having it independently verified and audited.
COMPETITIVE ADVANTAGE by
- Differentiating yourself from competitors
- Aligning with globally accepted best practices
- Meeting bid requirements on compliance
Distinguish your organisation by being one of the first organisations certified for this new standard. This can both increase your brand awareness and your brand image, with organisations identifying you as the "safe option". This recognition can offer a clear competitive advantage when bidding for government contracts or a key selling point when in competition for a new customer.
STABILISE ECOSYSTEMS by
- Gaining leverage with business partners
- Pushing down compliance requirements to potential partners
- Saving costs through elimination of bad partners
During partnership negotiations, most compliance professionals are familiar with organisations' reluctance to agree to follow controls and procedures that exceed the requirements of their local legislation. This can place your organisation in a precarious postion, as you are held responsible for their actions. Unless you are a massive multinational which this partner will rely on or is relying on for a major source of their income, you might not have enough leverage to make demands of their compliance structure. Having a compliance management system allows you to transparently display the requirements of partnering with your organisation, eliminating a negotiation around compliance and resulting in less risky partnerships.
INCREASED EFFICIENCY by
- Embedding compliance into business processes
- Defining roles and responsibilities
- Clearly defining partner requirements
- Managing issues systematically
Having an ISO 37301 certification can't prevent issues from arising in every compliance area. However, what it can do is ensure that the proper procedures are in place to identify issues when they occur and remediate the system's gaps so that the same issue doesn't occur again in the future. This assurance is only possible though if your system has been properly reviewed and certified by qualified external third parties, guaranteeing that it was built to the ISO 37301 standard and therefore effective.