Over the years, the field of compliance has evolved to meet increasingly rigorous, complex and substantial demands from regulators. The ever-increasing reach of regulation has strengthened and consolidated the position of compliance practitioners as professionals and the International Compliance Association (ICA) has supported individuals’ aim to become professional agents of change within their industries. Now ICA is pleased to be able to support firms in their efforts to optimise the benefits of compliance; so that they may become first-class, effective organisations, leading progress to a sustainable global marketplace.
Compass, ICA’s new service, offers certification of firms’ compliance management systems against two significant international standards. The standards have been developed by ISO, the world’s premier standards-setting organisation, who have a strong reputation for providing clear and comprehensive management system standards.
ICA’s Compass service supports conformity with two ISO standards: ISO 19600:2014 Compliance Management Systems, and ISO 37001:2016 Anti-Bribery Management Systems. Together, these two standards cover the complete range of compliance activities undertaken within firms, including management of conduct risks.
The key benefits of compliance certification to the firm include, according to Dr David Jenkins-Handy, Director of Quality and Audit at the ICA:
1.Eliminated errors in management system
2.Enhanced confidence in your firm from the regulator
3.Improved customer satisfaction
4.Provide additional defence in case of regulatory scrutiny
5.Reduce risks and saves costs
6.Lowers your professional indemnity costs and potential publicity
7.Facilitates access to public contracts and tenders
8.Can give a competitive advantage to NGOs to access funding
9.Enhances the culture of the firm
10.Optimised and consistent quality management system
ICA’s conformity certification body (CAB) offers a distinct and unique service based upon extensive experience of awarding and certification. ICA is building a register of highly trained and experienced auditors and certification committee members, supported by its secretariat, to deliver a premium service to its clients.