ISO 19600:2014 Compliance Management System
In today’s complex business world, with many requirements to meet local and international regulatory and statutory compliance standards, it is difficult for businesses to ensure they are complying with them. This was addressed by the International Organisation for Standardisation, ISO, and they developed and published the first fully international Compliance Management System in December 2014, ISO 19600:2014.
ISO 19600 is an international standard and a global benchmark for Compliance Management systems. Corporate compliance continues to be one of management’s highest risk concerns, both internationally and locally.
Many businesses have implemented a robust compliance program based upon their values, incorporating risk-based compliance, which has helped them maintain their integrity and mitigate or reduce noncompliance incidents. Many businesses and organisations, especially those dealing internationally, are more and more looking to validate their adherence to compliance programs against an internationally recognised standard such as ISO 19600.
ISO 19600:2014 is an effective, company-wide compliance management system that enables businesses to demonstrate its commitment to compliance with relevant laws, including legislative requirements, industry codes and business standards, as well as standards of good corporate governance, best practices, ethics and community expectations.
ISO 19600 standard for compliance management systems has been implemented by many businesses due to its advantage over local or regional standards. It can be applied by all business structures of all sizes internationally and across all industries.
There are many international compliance initiatives, which businesses working internationally would need to be complaint with. Some are these are:
ICC Rules on Combating Corruption
OECD Good Practice Guidance on Internal Controls, Ethics, and Compliance
United Nations Convention against Corruption
Open Compliance & Ethics Group (OCEG) — RedBook
COSO — Committee of the Sponsoring
ISO 19600 provides detailed guidance for businesses wanting to implement a compliance management system or benchmark their existing program against a standard. For that purpose, the ISO 19600 framework applies to general compliance and risk specific management objectives focusing on areas that include anti-bribery, anti-corruption, antitrust, fraud, misconduct, and others.
What are the benefits of attaining ISO 19600:2014 Standard?
Certification adds a distinct level of credibility to the business’ compliance management systems and must be completed by a qualified, independent third-party;
Ensures that the business is implementing a viable compliance management program utilising widely accepted standards and good practices;
Establishes a robust compliance management system by identifying compliance‐related risks and managing resulting compliance obligations relating to third parties (such as suppliers, agents, distributors, consultants and contractors);
Incorporates critical elements of other accepted standards in a flexible way;
Demonstrates to regulators your organisation seeking to be in line with the latest standards;
The standard has customisable guidance so all businesses can benefit. It follows a risk-based approach; the identified risks (compliance obligations) are the basis for establishing and implementing controls
It aims to create a business culture in which compliance becomes the general rule
ISO 19600:2014 can be integrated into other ISO standards, such as ISO 9001 Quality Management and ISO 37001 Anti-bribery Management Systems
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