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 at: https://infostore.saiglobal.com/
- Standards New Zealand at https://www.standards.govt.nz/
- ISO at: https://www.iso.org/store.html
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.