What It Is

ISO 45001:2018 is an international standard specifying requirements for occupational health and safety (OH&S) management systems. It provides a framework to prevent work-related injury and ill health while improving OH&S performance. Built on the Annex SL High-Level Structure (HLS) and PDCA cycle, it adopts a proactive, risk-based approach covering Clauses 4-10.

Key Components

• Core clauses: Context (4), Leadership (5), Planning (6), Support (7), Operation (8), Performance evaluation (9), Improvement (10).
• Key elements: hierarchy of controls, worker participation, hazard identification, legal compliance.
• No fixed controls; outcome-focused with documented information.
• Optional third-party certification via audits.

Why Organizations Use It

• Reduces incidents, insurance costs, downtime.
• Enhances resilience, reputation, talent retention.
• Meets stakeholder, supply-chain expectations.
• Integrates with ISO 9001/14001 for efficiency.
• Drives continual improvement and risk management.

Implementation Overview

• Phased: gap analysis, policy/objectives, controls, audits.
• Scalable for all sizes/sectors; 6-12 months typical.
• Emphasizes leadership, worker engagement, operational controls.

What It Is

Basel III is the international prudential regulatory framework issued by the Basel Committee on Banking Supervision (BCBS) following the 2007-2009 financial crisis. It aims to strengthen bank resilience by improving capital quality and quantity, introducing leverage constraints, and mandating liquidity buffers. The framework uses a multi-layered, risk-based approach with standardized and internal model methods, complemented by non-risk-based metrics.

Key Components

• **Three PillarsPillar 1 covers minimum capital ratios (4.5% CET1, 6% Tier 1, 8% total), leverage ratio (3%), liquidity standards (LCR and NSFR), and buffers; Pillar 2 supervisory review (ICAAP); Pillar 3 enhanced disclosures.
• Over 100 requirements across credit, market, operational risks, with output floors limiting internal models.
• No formal certification; compliance enforced nationally.

Why Organizations Use It

Banks implement for mandatory regulatory compliance, risk mitigation, and crisis resilience. Benefits include lower funding costs, reduced systemic risk, improved comparability, and competitive advantages via optimized balance sheets. Enhances investor trust and market discipline.

Implementation Overview

Multi-phased enterprise programs: gap analysis, data/system upgrades, model validation, training, governance. Targets internationally active banks globally; ongoing supervisory audits and Pillar 3 reporting required.