ISO 37001
International standard for anti-bribery management systems
ISO 55001
International standard for asset management systems
Quick Verdict
ISO 37001 builds anti-bribery management systems to prevent corruption and mitigate legal risks across all sectors, while ISO 55001 establishes asset management systems to optimize lifecycle value in asset-heavy industries. Companies adopt them for certification, trust, and operational excellence.
ISO 37001
ISO 37001: Anti-Bribery Management Systems
Key Features
- Certifiable anti-bribery management system framework
- Risk-based bribery assessment and controls
- Mandatory third-party due diligence requirements
- Leadership commitment and policy mandates
- PDCA continuous improvement cycle
ISO 55001
ISO 55001: Asset management — Management systems — Requirements
Key Features
- Strategic Asset Management Plan (SAMP)
- Annex SL structure for system integration
- PDCA cycle for continual improvement
- Formal asset decision-making framework
- Lifecycle risk and opportunity management
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
ISO 37001 Details
What It Is
ISO 37001: Anti-Bribery Management Systems is an international certifiable standard providing requirements and guidance for establishing an ABMS. Its primary purpose is to help organizations prevent, detect, and respond to bribery risks while complying with anti-bribery laws. It follows a risk-based approach structured around the ISO Harmonized Structure (Clauses 4-10) aligned with PDCA cycle.
Key Components
- Core pillars: context/risk assessment, leadership/policy, planning, support/training, operations/due diligence, performance evaluation, improvement.
- 8 key control areas including financial/non-financial controls, third-party management.
- Built on proportionality and continual improvement principles.
- Optional third-party certification with audits.
Why Organizations Use It
- Mitigates legal risks (e.g., FCPA, UK Bribery Act) via evidentiary due diligence.
- Builds stakeholder trust, enhances reputation, reduces compliance costs up to 15%.
- Enables market access, ESG alignment, operational efficiencies.
- Addresses 95% third-party bribery exposure.
Implementation Overview
- Phased: gap analysis, risk assessment, control design, training, audits.
- Scalable for all sizes/sectors; integrates with ISO 9001/27001.
- Typical 6-12 months to certification; requires documented evidence, internal audits.
ISO 55001 Details
What It Is
ISO 55001:2024 is the international standard specifying requirements for an Asset Management System (AMS). It provides a management system framework to establish, implement, maintain, and improve asset management, enabling organizations to realize value from assets across lifecycles. Applicable to any organization with assets, it uses a risk-based, PDCA (Plan-Do-Check-Act) approach aligned with Annex SL for integration with other ISO standards.
Key Components
- Core clauses (4-10): Context, Leadership, Planning, Support, Operation, Performance Evaluation, Improvement.
- 72 'shall' requirements focusing on SAMP (Strategic Asset Management Plan), decision-making framework, risk/opportunities, competence, outsourcing controls.
- Built on ISO 55000 principles; certification via accredited third-party audits.
Why Organizations Use It
- Drives lifecycle value optimization, cost/risk/performance balance.
- Meets regulatory pressures, enhances resilience (e.g., climate change).
- Builds stakeholder trust, breaks silos, supports competitive bidding.
Implementation Overview
- Phased: gap analysis, SAMP development, process integration, training, audits.
- Suits asset-intensive sectors (utilities, infrastructure); scalable by size.
- Certification optional but common for validation (18-36 months typical).
Key Differences
| Aspect | ISO 37001 | ISO 55001 |
|---|---|---|
| Scope | Bribery prevention, detection, response via ABMS | Asset lifecycle value optimization via AMS |
| Industry | All sectors, high-risk like extractives, global | Asset-intensive like utilities, infrastructure, global |
| Nature | Voluntary certifiable management system standard | Voluntary certifiable management system standard |
| Testing | Third-party certification audits, annual surveillance | Third-party certification audits, annual surveillance |
| Penalties | No legal penalties, loss of certification, liability mitigation | No legal penalties, loss of certification only |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ISO 37001 and ISO 55001
ISO 37001 FAQ
ISO 55001 FAQ
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