How ISO 37001 Might Protect You From Shareholder Lawsuits
January 18th, 2018
It is easy to think of Anti-Bribery Anti-Corruption (ABAC) compliance as the realm of compliance professionals. However, as ABAC enforcement actions and penalties ramp up globally, one emergent trend is becoming clear: governments and shareholders are holding officers and directors liable not only for any active bribery involvement, but also for failing in their fiduciary duty to prevent bribery under their watch.
In 2016, the International Standards Organization (ISO) published ISO 37001 to serve as a guide for companies seeking to establish robust Anti-Bribery Management Systems (ABMS). While no system can guarantee that an ABAC violation won’t occur, adherence to ISO 37001 can provide evidence of attention to best practices and may offer powerful legal protection to Boards of Directors (or the responsible Board Committee) who act in good faith to prevent bribery, provided the company has also paid attention to the local anti-bribery laws that apply.
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