New Standard: ISO 37301:2021 Compliance management systems — Requirements with guidance for use
The new standard specifies a and provides guidelines for establishing, developing, implementing, evaluating, maintaining and improving an effective compliance management system within an organization.For this purpose, the organization shall consider a broad range of issues, including, but not limited to:
— the business model, including strategy, nature, size and scale complexity and sustainability of the organization’s activities and operations;
— the nature and scope of business relations with third parties;
— the legal and regulatory context;
— the economic situation;
— social, cultural and environmental contexts;
— internal structures, policies, processes, procedures and resources, including technology;
— its compliance culture.
This standard is applicable to all types of organizations regardless of the type, size and nature of the activity, as well as whether the organization is from the public, private or non-profit sector.
All requirements specified in this document that refer to a governing body apply to top management in cases where an organization does not have a governing body as a separate function.general framework, including principles, requirements and guidance for assessing, measuring, monitoring and reporting on investments and financing activities in relation to climate change and the transition into a low-carbon economy. The assessment includes the following items:
- the alignment (or lack thereof) of investment and financing decisions taken by the financier with low-carbon transition pathways, adaptation pathways, and climate goals;
— the impact of actions through the financier’s investment and lending decisions towards the achievement of climate goals in the real economy, i.e. mitigation (greenhouse gas emissions) and adaptation (resilience);
— the risks to owners of financial assets (e.g. private equities, listed stocks, bonds, loans) arising from climate change.
To support the financier’s assessment of the impact of investment and lending decisions, this document provides guidance for the financier on how to:
— set targets and determine metrics to be used for tracking progress related to the low-carbon transition pathways of investees;
— determine low-carbon transition and adaptation trajectories of investees;
— document the causality or linkage between its climate action and its outputs, outcomes and impacts.
This document is applicable to financiers, i.e. investors and lenders. It guides their reporting activities to the following third parties: shareholders, clients, policymakers, financial supervisory authorities and non-governmental organizations.
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