ISO 37001:2016 Anti-Bribery Management Systems

Bribery is a major issue faced by business entities. With the enactment of the Foreign Corrupt Practices Act (U.S.) and the UK Bribery Act 2010, among other laws and regulations, various forms of bribery are punishable by criminal prosecution, unlimited commercial fines, and reputational damages. However, bribery is a risk which businesses can now control by adopting an anti-bribery-anti-corruption (ABAC) compliance program by implementing the guidelines of ISO 37001:2016. For an organization, the cost of establishing an anti-bribery management system in compliance with ISO 37001:2016 is minimal when compared to the commercial and financial losses including reputational damages that are likely to be incurred by exposure to bribery risks.

Research indicates that the approved ISO 37001:2016 standard goes far beyond legal and regulatory compliance. According to the World Bank, business grows an average of 3% faster where corruption is low.

ISO 37001:2016 is the only internationally recognized Antibribery Management System standard (ABMS) that reflects international good practices and can be used in all jurisdictions.

What are the benefits of attaining ISO 37001:2016 Certification?

• Certification adds a distinct level of credibility to the organization's management systems and must be completed by a qualified, independent third party.
• Ensures that the organization is implementing a viable anti-bribery management program utilizing widely accepted controls and systems.
• Provides assurance to management, investors, business associates, personnel, and other stakeholders that the organization is actively pursuing internationally recognized and accepted processes to prevent bribery and corruption.
• Protects the organization, its assets, shareholders, and directors from the effects of bribery.
• Provides acceptable evidence to prosecutors or courts that the organization has taken reasonable steps to prevent bribery and corruption.