The foundations of any organization’s credibility are openness and trust. Bribery is the single biggest threat to fair business practices, which is why ISO 37001 was created. Bribery & corruption generates more than a trillion dollars’ worth of money every year and ISO 37001 (Anti-bribery Management System) provides a framework to tackle bribery by adopting an anti-bribery policy, performing risk assessments, and carrying out due diligence on each projects and business partners.

What is ISO 37001?

The ISO 37001 standard solely applies to bribery, where it outlines the management system requirements that will assist you in preventing, detecting, and responding to bribery as well as in adhering to applicable anti-bribery laws and voluntary commitments.

In accordance with applicable laws and best practices, additional elements, such as fraud or money laundering, may be covered by the management system. Bribery committed by an organization, its employees, or business partners while working on the organization’s behalf or for its profit is covered by ISO 37001, also bribery committed by an organization, its employees, or business partners in connection with an organization’s operations are also covered under the scope of the standard.

Requirements for implementing ISO 37001

Measures and controls that aid in the prevention, detection, and management of bribery must be put in place by an anti-bribery management system for its successful implementation in any organization. These should include:

• Anti-corruption policy;
• Management leadership,
• Commitment, and responsibility;
• Personnel controls and training; risk assessments;
• Due diligence on projects and business partners;
• Financial, commercial, and contractual controls;
• Reporting, monitoring, investigation, and review;
• Corrective action, and
• Continuous improvement.

Why to implement ISO 37001 for managing bribery?

ISO 37001 aims to reduce the danger of bribery along the entire global value chain. Following are the benefits of implementing ABMS in your organization;

• Recognizing and controlling the bribery risk as well as other risks, such as the reputational risk;
• Establishing minimal standards and supporting guidelines for putting in place or measuring the effectiveness of an anti-bribery management system;
• Demonstrating to the organization’s governing body, management, investors, staff, consumers, regulators, and other stakeholders that adequate measures are being taken to avoid, detect, and address bribery;
• Lowering the likelihood that bribery will occur in connection with the organization’s activities;
• Enhancing the organization’s standing, reputation, and brand while promoting its sustainability;
• Creating a climate of openness and integrity.