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On Sept. 1, 2021, the International Standards Organization (ISO) published ISO 37000 — guidance for the governance of organizations. Developed by experts and trusted voices from a wide range of organizations in over 70 countries around the world, ISO 37000 provides a single, globally accepted reference for all kinds of organizations, regardless of size, type or location.
The primary focus of the Standard is to promote good governance. However, ISO 37000 also requires directors to use their authority to enhance their organizations’ environmental and social performance.
Benefits of Good Governance:
Good governance risk management practices can reduce the likelihood and impact of unintended results from business decisions that could cause potential harm to the organization, the environment, or society in general. Here are some ways that organization scan benefit:
Accurate and effective decision-making
Improved organizational resilience in the face of negative leadership risks
Increased speed of organizational decision-making and action
Improved organizational ability to remain resilient when negatively impacted.
Increased owner stakeholder value generation.
Increased access to, and reduced cost of, capital.
Improved organizational value generation over the long-term for its stakeholders.
Lower staff costs due to an increasingly attractive environment for skilled staff.
Effective and ethical leadership by an organization's governing body is demonstrated.
Increased viability of start-up initiatives as a result of increased investor confidence in the organization's ability to remain resilient and true to the stated organizational purpose.
Increased certainty of continued compliance with laws, regulations and good practices.
To learn more about this standard and how good governance practices can benefit your organization, schedule a free 30-minute consultation with an IBEC expert.
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