Companies are subject to increasingly dense and stringent regulations and must ensure they act in accordance with the relevant laws at all levels. As a result, compliance management systems (CMS) are becoming ever more important tools for companies. From public authorities, investors and customers to suppliers, NGOs and the media, stakeholders expect organizations to ensure full legal compliance throughout the entire value chain.
ISO 19600 was published in 2014 and provided compliance managers with the first single universal standard to guide their work, with backing from over 160 countries. The switch to ISO 37301 is another important milestone. However, companies need to recognize the differences between the two standards and incorporate these changes into their system and overall strategy.