Because of this, bribery is higher up the business risk agenda than ever before.
In the UK, the 2010 Bribery Act requires that organizations have adequate procedures in place to prevent bribery and corruption. The key is to ensure your organization’s culture promotes doing business with integrity - encouraging the right behaviour, discouraging the wrong behaviour, and rewarding those who speak up about breaches of your code of ethics. Only by aligning it with a strong culture will your company’s anti-corruption efforts be truly "adequate”.
Changing legal situations, a greater organizational focus on corporate social responsibility and good governance plus increased awareness of the financial and reputational damage inflicted on organizations have led to growing interest in anti-bribery management systems.
It can be difficult to quantify the damage bribery has on a company, particularly when it may seem to accelerate the growth of a business, albeit by shady practices. However, several problems can be attributed to business bribery.
First, it is obviously illegal—most countries have laws that prohibit the act of bribery, including the bribery of Government officials —so organizations engaging in bribery expose their directors, executives, and employees to grave legal risks, including possible prison sentences, as well as large fines to the company.
Second, the rules and regulations that are circumvented by bribery often have a legitimate public purpose, so the corporation may be negatively impacting local social interests and/or harming local competitors.
Thirdly, an organization that is formally accused or convicted of bribery may suffer a serious public relations backlash and irreparable reputational damage.
BS ISO 37001 is the international standard designed to help organizations implement an Anti-bribery Management System (ABMS). It specifies a series of measures your organization can implement to help prevent, detect and address bribery.
Designed to be integrated into your organization's existing management processes and controls, BS ISO 37001 also follows the common ISO structure for management system standards, for easy integration with BS EN ISO 9001 for example.
The requirements specified by BS ISO 37001 address two key areas:
Bribery by the organization, its personnel, or business associates for its own gain
Bribery of the organization, its personnel, or business associates in relation to its activities
This anti-bribery standard is flexible and can be adapted to manage many types of anti-bribery best practices and suits a wide range of organizations including:
Large organizations and enterprises
Small and medium-sized enterprises
Public and not-for-profit organizations
Non-government organizations (NGOs) and charities
BS ISO 37001 enables you to protect and preserve the integrity of your organization by:
Opening your organization to external scrutiny of the effectiveness of your anti-bribery policies and processes
Demonstrating compliance to relevant legislation such as the Bribery Act 2010
Collaborating with stakeholders to monitor and manage risk throughout your organization and supply chain
Ensuring that suppliers, sub-contractors, and agents are committed to anti-bribery best practices
Ensure your organization is complying with anti-bribery regulations and acting with integrity by adding anti-bribery standard BS ISO 37001 to your collection today.
The BS ISO 37000 series and over 100,000 more internationally recognized standards are available for simple and flexible access with a BSI Knowledge subscription. In the trust-critical public sector, our subscription service puts the control in your hands, with traceability to monitor and demonstrate your business's compliance to standards, and self-serve functionality that enables you to manage your subscriptions, standards, users, and content quickly and simply. Request to learn more.