ISO 37301
International standard for certifiable compliance management systems
Basel III
Global framework for strengthening bank capital and liquidity.
Quick Verdict
ISO 37301 provides certifiable compliance management for all organizations globally, while Basel III mandates capital, leverage, and liquidity rules for banks. Companies adopt ISO 37301 for integrity culture and certification; banks use Basel III for regulatory resilience and market stability.
ISO 37301
ISO 37301:2021 Compliance management systems – Requirements
Key Features
- 1. Certifiable requirements replacing guidance-only ISO 19600
- 2. High-Level Structure enables IMS integration
- 3. Risk-based compliance obligations and planning
- 4. Mandates leadership commitment and culture
- 5. Requires whistleblowing channels with protections
Basel III
Basel III: Finalising post-crisis reforms
Key Features
- Strengthened CET1 capital requirements and buffers
- Non-risk-based leverage ratio minimum 3%
- Liquidity Coverage Ratio for 30-day stress
- Net Stable Funding Ratio for one-year horizon
- Enhanced Pillar 3 RWA comparability disclosures
Detailed Analysis
A comprehensive look at the specific requirements, scope, and impact of each standard.
ISO 37301 Details
What It Is
ISO 37301:2021 – Compliance management systems – Requirements with guidance for use is a certifiable international standard for establishing, implementing, and improving Compliance Management Systems (CMS). It applies to all organization sizes and sectors, using a risk-based, PDCA (Plan-Do-Check-Act) approach aligned with ISO High-Level Structure (HLS).
Key Components
- Leadership commitment, compliance policy, and culture.
- Risk assessment, objectives, and operational controls.
- Support (resources, competence, awareness, communication).
- Performance evaluation (monitoring, audits, reviews).
- Continual improvement and whistleblowing mechanisms. Built on HLS with no fixed control count; certification via accredited bodies.
Why Organizations Use It
Drives regulatory compliance, reduces risks/fines, enhances reputation. Meets investor/ESG demands, integrates with ISO 9001/27001. Provides third-party assurance, supports UN SDGs.
Implementation Overview
Phased: context analysis, obligation register, controls, training, audits. Scalable for SMEs/enterprises; 3-year certification cycle. Global applicability with 2024 climate amendment.
Basel III Details
What It Is
Basel III is the global regulatory framework issued by the Basel Committee on Banking Supervision (BCBS) post-2008 financial crisis. It is a prudential standard enhancing bank resilience via higher capital quality, leverage constraints, and liquidity buffers, using a risk-based approach complemented by non-risk metrics.
Key Components
- **Three PillarsPillar 1 (capital, leverage, liquidity ratios); Pillar 2 (supervisory review/ICAAP); Pillar 3 (disclosures for comparability).
- Minimums: CET1 4.5%, Tier 1 6%, Total 8%; leverage 3%; LCR/NSFR 100%; buffers (conservation 2.5%, countercyclical, G-SIB).
- Output floor limits internal model benefits; no formal certification, compliance via national laws.
Why Organizations Use It
- Mandatory for internationally active banks to meet regulatory requirements, mitigate systemic risk.
- Benefits: improved solvency/liquidity, lower funding costs, enhanced market discipline.
- Builds stakeholder trust, enables strategic balance-sheet optimization.
Implementation Overview
- Phased enterprise program: gap analysis, data/system builds, model validation, governance.
- Targets large banks globally; involves training, audits by supervisors; multi-year transitions.
Key Differences
| Aspect | ISO 37301 | Basel III |
|---|---|---|
| Scope | Compliance management systems across all obligations | Bank capital, leverage, liquidity standards |
| Industry | All sectors, all sizes, global | Banking sector, internationally active banks |
| Nature | Voluntary certifiable standard | Mandatory prudential regulatory framework |
| Testing | Internal audits, management reviews, certification | Stress tests, ICAAP, Pillar 3 disclosures |
| Penalties | Loss of certification, no legal fines | Fines, asset caps, business restrictions |
Scope
Industry
Nature
Testing
Penalties
Frequently Asked Questions
Common questions about ISO 37301 and Basel III
ISO 37301 FAQ
Basel III FAQ
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