ISO 37001 standard concerns the development of Anti-bribery management. It was issued in October 2016 and identifies measures and safeguards for organizations to prevent, detect and deal with bribery in a timely manner.
The most important requirements of ISO 37001 include:
• Develop an anti-bribery policy
• Carrying out risk assessment in business processes and critical associates
• Staff training and awareness
• Defining financial and non-financial controls on critical activities
• Defining KPIs (efficiency indicators) and an appropriate reporting system to senior and top management
• Creating a communication channel on bribery issues
• Defining specific responsibilities for staff and executives
• Carrying out due diligence on critical partners, suppliers and employees
• Develop Policies for gifts, hospitality expenses, donations
• Commitment of management to implement the requirements of the standard.
The benefits of applying ISO 37001 are the following:
• It offers an integrated approach to managing active and passive bribery
• It promotes a culture of integrity, transparency and compliance
• It proves that organization operates according to international standards for the anti-bribery issues
• It reduces bribery risks as well as their cost in money and reputation
• It controls the supply chain efficiently in matters of bribery.