Development Bank of Mongolia to Implement Iso 37001 Anti-bribery Management System

The Development Bank of Mongolia (DBM) inked a memorandum of cooperation with ISO Mongolia LLC on December 5 to implement the MNS ISO 37001:2017 anti-bribery management system.Deputy Director of DBM Ch.

Enkhbat and ISO Mongolia LLC's Managing Director G.Oyungerel signed the memorandum.

The ISO37001 is a management system developed by the International Organization for Standardization (ISO). More specifically, it is an anti-bribery management system that includes measures designed to help organizations prevent, detect and address bribery.

These include adopting an anti-bribery policy, appointing a person to oversee anti-bribery compliance, training, risk assessments and due diligence on projects and business associates, implementing financial and commercial controls, and instituting reporting and investigation procedures."Bribery is one of the world's most destructive and challenging issues.

With over onetrillion USD paid in bribes each year, the consequences are catastrophic, reducing quality of life, increasing poverty and eroding public trust," according to ISO."Yet despite efforts on national and international levels to tackle bribery, it remains a significant issue.

Recognizing this, ISO has developed a new standard to help organizations fight bribery and promote an ethical business culture," ISO said when the new ISO 37001 was launched in 2016.According to ISO, the new standard can be employed in any organization, small or large, private or public. It has been marketed to be a flexible tool, which can be adapted according to the size and nature of the organization and the bribery risk it faces.

With the introduction of the new ISO standard, DBM becomes the first organization in Mongolia to implement the standard. The bank's officials believe that the standard will decrease risk of corruption, contribute in improving Mongolia's corruption index, and act as an advantage moving forward.

ISO Mongolia is a company specialized in assisting and consulting in the implementation of various international standards from ISO.The Mongolian Agency for Standardization and Metrology modified the ISO 37001 standard for implementation in Mongolia and ultimately approved the MNS ISO 37001:2017 on February 23.DBM stressed how important improving the workplace culture is in...