What is ISO-FDIS 19600:2017?

ISO-FDIS 19600:2017, also known as the ISO 19600 standard, is a set of guidelines and requirements for organizations regarding the implementation and management of an effective compliance management system. It provides a framework that helps organizations establish processes and controls to ensure compliance with legal and regulatory obligations, as well as ethical standards.

The Importance of ISO 19600

ISO 19600 plays a crucial role in helping organizations create a culture of compliance by providing clear guidance on how to manage compliance risks. By implementing the standard's recommendations, organizations can minimize legal and reputational risks while effectively addressing the expectations of stakeholders.

ISO 19600 defines compliance as the "fulfillment of legal, regulatory, and other requirements." This means that compliance goes beyond mere adherence to laws and regulations; it encompasses all internal and external obligations that an organization must meet.

Key Components of ISO 19600

The ISO 19600 standard consists of several key components:

Leadership and commitment: Setting a tone from the top and developing a strong ethical culture that promotes compliance.

Roles and responsibilities: Clearly defining roles, responsibilities, and accountabilities for compliance within the organization.

Risk assessment and management: Identifying, assessing, and managing compliance risks specific to the organization.

Training and awareness: Ensuring that employees are aware of their compliance obligations and providing them with appropriate training.

Communication and reporting: Establishing effective channels for communication and reporting of compliance-related issues.

Monitoring and review: Regularly reviewing and evaluating the effectiveness of the compliance management system.

The Benefits of ISO-FDIS 19600:2017

Implementing ISO 19600 can bring numerous benefits to organizations:

Reduced legal and reputational risks: By effectively managing compliance, organizations can minimize the risk of legal violations and damage to their reputation.

Increased stakeholder trust: Demonstrating a commitment to compliance can enhance stakeholder trust, including customers, employees, and investors.

Streamlined processes: ISO 19600 provides a framework that helps organizations establish efficient compliance management processes.

Better decision-making: By identifying and understanding compliance risks, organizations can make informed decisions that align with their obligations.

Competitive advantage: Compliance can provide a competitive edge by demonstrating ethical practices and good governance.