ISO37001 Anti-bribery management systems

Bribery and other forms of corruption are widely present in various organizations. In order to meet the growing transparency requirements of today's global market,a new standard, ISO 37001 , is specially used to combat bribery issues within organizations. Many companies may not know how to deal with corruption in their operations,and the ISO 37001 standard will provide a compliance framework to support anti bribery efforts. The standards include bribery risk assessment, planning of risk control measures, due diligence, financial and non-financial control, monitoring of bribery hazard signals, etc.

Bribery can occur and is difficult to detect, especially in the supply chain. Once bribery is discovered, it will seriously damage the company's reputation. According to an ethics and compliance study conducted by PwC, approximately one-fifth (18%) of respondents reported that their companies do not have formal ethical standards and compliance procedures. This indicates that companies need to have anti bribery compliance procedures to reduce and eliminate bribery risks by implementing supervision and management of bribery risks.