ISO 37301 describes the rules, principles and procedures required for organizations to establish, develop and maintain a compliance/compliance management system. Regardless of the field of activity and size, every business can establish ISO 37301 Compliance Management System. This system helps organizations to fulfill legal obligations, comply with industry rules, and observe ethical values. Prepared with a concept in line with ISO´s management system standards, ISO 37301 Compliance Management System consists of general topics such as leadership, planning, support, operation, performance evaluation and continuous improvement. With this system, companies can manage their risks regarding compliance with the industry, social values, legal processes, local and national regulations. Contributing to the management of processes related to corporate sustainability, ISO 37301 Compliance Management System offers principles such as transparency, accountability, integrity, good governance, etc. You can get support from Aşan Danışmanlık to learn the details of the standard and establish a compliance management system.
ISO 37301 Compliance Management System Scope
The compliance management system consists of three interconnected components:
Board of Directors: The board of directors is ultimately responsible for the development and management of this system, which ensures compliance with consumer protection laws and regulations. The board of directors of companies can demonstrate their commitment to maintain this system by:
- Demonstrating clear expectations of compliance, not only internally but also to third-party providers
- Adoption of clear policy statements
- Assign a compliance officer with authority and accountability
- Allocate resources to compliance functions commensurate with the level and complexity of the organization´s operations
- Periodic compliance audits
- Providing repeated reports to the board of directors by the compliance officer
Compliance program: Organizations should establish a formal and written compliance program within the scope of ISO 37301 Compliance Management System. The written program is a planned and organized resource to guide the organization´s compliance activities. It is also the basic document that will serve as a training and reference tool for all employees. A well-planned, implemented, and maintained compliance program can prevent or reduce regulatory violations, as well as provide cost efficiency and help create sustainable business steps. The compliance program should include policies and procedures, defined training, monitoring and oversight procedures, and consumer complaints response mechanisms.
Compliance audit: A compliance audit is an independent review of an organization´s compliance with consumer protection laws and regulations and adherence to internal policies and procedures. Auditing helps management ensure continued compliance and identify compliance risk conditions. It also complements the institution´s internal monitoring system. The board of directors should determine the scope of the audit and the frequency of the audits.
A compliance management system is an organizational tool that helps organizations learn about their compliance responsibilities. It helps employees at all levels, starting with top management, understand their compliance/compliance-related duties and responsibilities. It also ensures that compliance requirements are incorporated into business processes. Through this system, companies can review operations and take corrective actions and update their processes to ensure that responsibilities are met and requirements are met.
We can summarize the benefits of ISO 37301 Compliance Management System as follows:
- Helps manage corporate risks related to compliance.
- Facilitates the compliance of changing product and service portfolios with laws, market regulations and social values.
- Defines procedures for the follow-up of new legislation issued to address developments in the market.
- Prevents lawsuits, fines and other official enforcement proceedings that may arise as a result of non-compliance with consumer protection laws.
To establish ISO 37301 Compliance Management System; You can contact Aşan Consulting for detailed information about training, certification and consultancy solutions.