Why Do I Need ISO 37301 Compliance Assurance?

Why Do I Need ISO 37301?

Why Do I Need ISO 37301 Compliance Assurance? ISO 37301 helps establish, develop, evaluate, and maintain a compliance management system. It brings together separate strands of compliance management and risk management, and its processes align very closely with ISO 31000, another risk management standard.

The guidelines on compliance management systems are applicable to all types of organizations. The extent of the application of these guidelines depends on the size, structure, nature and complexity of the organization. ISO 37301:2021 is based on the principles of good governance, proportionality, transparency and sustainability.

What do you mean by Risk and what is Risk Management?

In a nutshell, risk is uncertainty. Due to internal and external factors organisations face uncertainty as to whether they will achieve their objectives. ISO 31000 quite neatly defines risk in this way as the “effect of uncertainty on objectives”. Risk management refers to the systematic process to try and address this uncertainty or as described by ISO 31000 Risk Management is the “coordinated activities to direct and control an organisation with regard to risk”.

What does ISO 31000 Risk Management Principles and Guidelines give me?

All organisations have some form of risk management and some are clearly more effective than others. ISO 31000 is the first International Standard for risk management and it aims to provide generic guidelines that can be applied to any industry or sector.

ISO 31000 establishes a set of risk management principles that organisations seeking an effective risk management process should comply with. It also establishes a risk management framework, which ensures that there are sufficient mandate and commitment from senior management and that organisations understand their own organisational context. This makes sure the risk management process is tailored to the organisation’s needs. The third part of the ISO 31000 Risk Management Principles and Guidelines is the risk management process. This process looks at how an organisation can assess their risks and select the appropriate treatments.