The new international standard for compliance management systems, ISO 19600 was published on 15 December 2014. ISO 19600 is based on the principles of good governance, proportionality, transparency and sustainability and provides guidance for establishing, developing, implementing, evaluating, maintaining and improving an effective and responsive compliance management system within an organization. ISO 19600 emphasizes the importance of culture, especially the culture of integrity and compliance and communicates this importance throughout the standard. In addition to giving us a definition of compliance culture the standard also underlines that the development of a compliance culture requires such ingredients as active, visible, consistent and sustained commitment of the organization’s governing body, top management and management towards a common standard of behavior that is required throughout every area of the organization. Compliance management system based on ISO 19600 sets up all of the prerequisites necessary to help the organization meet its obligations, both regulatory and to other stakeholders, through maintaining a culture of integrity and compliance and through a set of best practices proven to be successful. ISO 19600 is intended to assist organizations in improving and broadening their existing approach to compliance management it is helpful that it follows the ‘high-level structure’ for ISO management system standards. It is the one and only independent, international standard for compliance officers, businesses, regulators and judges. The guidance is adaptable to any organization and can be of use with regard to any compliance risk. It is adjustable to the level of maturity of an organization’s compliance management system and to the nature and complexity of the organization’s activities. The key terms to establish a common compliance language the standard recommends that the context of the organization be established in particular its compliance obligations. The implementation of principles of good governance is equally important for the effectiveness of the system. Only if the compliance function is independent (including direct access to the board) and has the authority and resources needed can it do the job. Another key element is best practice risk management, which shall essentially identify the risks originating from a delta between compliance obligations and the organization’s meeting of the latter. The following processes allow for the successful achievement of compliance with all obligations, which is the standard’s ultimate goal: performance evaluation, compliance reporting, operational planning, training, internal instructions, measurements, audit and reporting as well as continual improvement. Generally accepted management system standards is in the long run more effective and less costly (including in terms of the high cost of non-compliance) than a stand-alone, plucked out of the air approach to risk and compliance management. Businesses and public organizations will appreciate the low cost of information regarding the principles of best practice risk and compliance management as well as the transparency and comparability of their management system.
Conclusion
Organizations are increasingly convinced that by applying binding values and appropriate compliance management, they can safeguard their integrity and avoid or minimize noncompliance with the law. Integrity and effective compliance are therefore key elements of good, diligent management. Compliance also contributes to the socially responsible behavior of organizations. ISO Standard 19600 Compliance management systems provides guidance for establishing, developing, implementing, evaluating, maintaining and improving an effective and responsive compliance management system within an organization. Compliance management system helps the organization unleash its full potential, establishing responsibility and accountability within the organization, increasing its effectiveness and reducing costs. ISO 19600 can help organizations establish an effective and efficient organization-wide compliance management system.
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