The first edition of the BiH standard BAS ISO 37301:2023, Compliance management systems — Requirements with guidance for use, was published by the translation method.

BAS ISO 37301:2023 specifies requirements and provides guidelines for establishing, developing, implementing, evaluating, maintaining and improving an effective compliance management system within an organization, enabling organizations in the public, private or non-profit sector to certify their compliance management system. This standard replaces the BAS ISO 19600:2021, which did not contain requirements for compliance management systems and to which organizations could not be certified. All requirements specified in this standard that refer to a governing body apply to top management in cases where the organization does not have a governing body as a separate function.

The publication of the BAS ISO 37301:2023 represents additional support and strengthening of the systematic approach to achieving business compliance by unifying compliance management with corporate governance. By applying a single compliance management system in accordance with the requirements of this standard, overlaps between different functions, corporate bodies, regulations and management systems in fulfilling compliance obligations are additionally removed, thereby increasing the efficiency of processes and activities required to achieve compliance.

Some of the main advantages of implementing a compliance management system are:

-        improving business opportunities and sustainability;

-        protecting and enhancing an organization's reputation and credibility;

-        minimizing the reputational risk;

-        demonstrating an organization's commitment to managing its compliance risks effectively and efficiently;

-        increasing the confidence of third parties in the organization's capacity to achieve sustained success;

-        contributing to the socially responsible behaviour of the organization.

BiH standard BAS ISO 37301:2023 was prepared by the Technical Committee BAS/TC 55, Social Responsibility.