The new international compliance standard being developed could become the benchmark for making out due diligence defences.
A new international compliance standard is currently being developed that will provide a globally recognized benchmark for all organisations – public, private and not-for-profit.
The required process involves a detailed and rigorous testing by the relevant member nations that can take over three years, with the next international meeting planned in Paris for September this year.
Australia, via the Australasian Compliance Institute (ACI), is sponsoring an International Organisation for Standardization (ISO) Committee charged with the development of an international compliance standard with Standards Australia being the secretariat for Project Committee ISO/PC 271- Compliance programs.
An Australian Committee is taking the lead on the development of the standard with the Chair of the international committee being Mr Martin Tolar, ACI Managing Director of the ACI.
Mr Tolar said that "The standard once finalised will provide an international benchmark for all organisational compliance programs and builds upon the experiences derived from the Australian compliance standard AS 3806 since 1998."
Mr Tolar also added, "Standards Australia and the ACI will play a leading role in developing the standard through the rigorous international approval process that can take over three years from inception to complete. This period is necessary to ensure that all relevant member nations' requirements are considered and so that a practical yet robust standard is established. This will be a significant positive factor in promoting international business sustainability."