ISO 37001 (Anti-bribery management systems)
Implications of the Standard in India
The International Organization for Standardization (ISO) issued its Standard 37001:2016 which specifies requirements and provides guidance for establishing, implementing, maintaining, reviewing and improving an anti-bribery management system (ABMS). While this is an important move considering the continued prevalence of bribery and corruption in the world, particularly in developing countries like India, the ISO certification standard may provide the much needed fillip for organizations to adopt and improve their anti-bribery and corruption (ABC) frameworks, while also resulting in improved business prospects.
This point of view document highlights some of the distinguishing features of the standard in comparison to global legislations, provides details on some of the key clauses included in the standard as well as some of the potential benefits and limitations of being able to comply to the standard.