International Organization for Standardization (‘ISO’) to meet in Sydney 5-9 November

There are several standards (defined as a highly-structured benchmark guidance issued by a standard setting agency) that are relevant to financial crime and financial crime control.

Standards Australia, Standards New Zealand and International Organization for Standardization have issued a number of governance-related standards that represent useful guidance on how to prevent, detect and respond to financial crime.

Existing standards that are of particular relevance in this area are:

  • Quality Management Systems – Requirements AS/NZS ISO 9001:2016 (ISO, SA and SNZ)
  • Compliance Management Systems – Guidelines AS ISO 19600:2015 (ISO and SA)
  • Risk Management – Principles and Guidelines AS/NZS ISO 31000:2009 (ISO, SA and SNZ)
  • Anti-Bribery Management Systems ISO 37001:2016 (ISO)
  • Fraud and Corruption Control AS 8001:2008 (SA)
  • Whistleblower Protection Systems for Entities AS 8004: 2003 (SA)

To learn more about these and other standards that could be relevant to controlling financial crime in your organisation, visit:

Standards Australia is hosting a meeting of ISO technical committeeTC-309 Governance of Organizations in Sydney in the week of 5-9 November. A series of workshops over four days and a plenary session on Day 5 will consider a range of governance-linked standard projects including:

  • Development of ISO/AWI 37000 Guidance for the governance of organizations
  • Revision of ISO 37001:2016 Anti-Bribery Management Systems
  • Development of ISO 37002 Whistleblower Management Systems – Guidelines
  • Revision of ISO 19600:2014 Compliance Management Systems – Guidelines (to be re-designated ISO 37301 on completion)

The projects to revise ISO 37001:2016 and to develop ISO 37002 are particularly relevant to Australian organizations with bills on these issues currently before the Australian Parliament – Crimes Legislation Amendment (Combatting Crime) Bill 2017 (bribery or foreign public officials) and Treasury Laws Amendment (Whistleblowers) Bill 2017.

Standards Australia is currently considering a proposal for revision of Fraud and Corruption Control AS 8001-2008. If this project is accepted by Standards Australia, the standard would be reissued after a project that will take around 18 months to two years. Finally, Standards Australia are currently considering ‘identical adoption’ of Anti-Bribery Management Systems ISO 37001:2016. If the proposal for identical adopting is approved, ISO 37001:2016 would become AS/NZS ISO 37001:2018 and would be identical in every respect with the ISO version.

FCX will keep subscribers updated on developments in standard setting.