ISO 37301 – The new standard for regulatory compliance

03-06-2021

In April, the new standard ISO 37301 Compliance Management Systems- Requirements with guidance for use was issued, which comes to replace ISO 19600: 2014.

The new standard is now certifiable and shows the trend and the importance that companies now give to issues of regulatory compliance and corporate governance. In addition, it joins the group of standards of the ISO 37000 series which in the near future will have two new relevant standards the ISO / FDIS 37000 Governance of organizations – Guidance and the ISO 37002 Whistleblowing management systems – Guidelines.

The most important differences in relation to ISO 19600 are the following:

  • Requirements for hiring or promoting staff to critical positions.
  • Assessment of staff in matters of regulatory compliance.
  • Complaints line operation requirements with reference to the new ISO 37002 standard.
  • Description of what is considered a regulatory compliance culture.
  • Clear highlighting of the issues of independence, staffing and skills of the Regulatory Compliance Unit to operate without interventions and with the appropriate staff.
  • The identification of the Code of Ethics and Conduct as a key element in determining and controlling compliance.

PRIORITY having extensive experience in the development of regulatory compliance systems is able to help you develop your own Management System that suits your operational needs.