The International Compliance Association (ICA), a provider of professional qualifications in AML, governance, risk and compliance and financial crime prevention, has introduced a new service called Compass.

Compass offers certification of firms’ compliance management systems against two significant international standards. The standards have been developed by ISO, the world’s premier standards-setting organisation, who have a strong reputation for providing clear and comprehensive management system standards.

ICA’s Compass service supports conformity with two ISO standards: ISO 19600:2014 Compliance Management Systems, and ISO 37001:2016 Anti-Bribery Management Systems. Together, these two standards cover the complete range of compliance activities undertaken within firms, including management of conduct risks.

According to David Jenkins-Handy, director of quality and audit at the ICA, the key benefits of compliance certification to the firm include:

Eliminating errors in management system;

Enhancing confidence in your firm from the regulator;

Improving customer satisfaction;

Providing additional defense in case of regulatory scrutiny;

Reducing risks and saving costs;

Lowering professional indemnity costs and potential publicity;

Facilitatating access to public contracts and tenders; and

Enhancing the culture of the firm, among other benefits.

ICA’s conformity certification body (CAB) offers a distinct and unique service based upon extensive experience of awarding and certification. ICA is building a register of highly trained and experienced auditors and certification committee members, supported by its secretariat, to deliver a premium service to its clients.