Introduction
Organisations today are increasingly expected to act ethically, comply with legal requirements, and meet the expectations of a wide range of stakeholders. ISO 37301:2021, the international standard for compliance management systems (CMS), provides a robust framework to help organisations fulfil these obligations. One essential component of the standard is Clause 4.2 – Determining the needs and expectations of interested parties.
Why Stakeholder Expectations Matter
Compliance is not only about meeting legal requirements. It also involves aligning with the values, expectations, and requirements of those who are impacted by the organisation’s operations. These stakeholders, or ‘interested parties’, can influence or be influenced by the effectiveness of the compliance management system.
Clause 4.2 – Understanding the Needs and Expectations of Interested Parties
ISO 37301 requires organisations to identify the interested parties relevant to their compliance management system and understand their requirements. These may include legal, regulatory, contractual, ethical, and voluntary obligations.
Examples of interested parties include:
– Regulatory authorities
– Employees and trade unions
– Customers and clients
– Shareholders and investors
– Suppliers and partners
– Local communities and NGOs
How to Determine Stakeholder Needs
To effectively address Clause 4.2, organisations should take a structured approach to stakeholder analysis. Practical steps include:
– Identify relevant stakeholders based on your organisational context.
– Assess their expectations, obligations, and potential influence.
– Document compliance requirements stemming from these needs.
– Regularly review and update stakeholder information as the context evolves.
Example: Financial Institution
A bank implementing ISO 37301 might identify stakeholders such as the central bank (regulatory compliance), customers (data privacy and ethical behavior), and employees (code of conduct and internal policies). Understanding and addressing these needs helps the bank reduce compliance risks and maintain trust.
Conclusion
Determining the needs and expectations of interested parties is a core part of a resilient compliance strategy. By aligning with ISO 37301, organisations demonstrate accountability, build stakeholder trust, and create a culture of continuous improvement and integrity.
For further information and to book your ISO37301compliance management systems survey please contact: Marcus J Allen at Thamer James Ltd. Email: [email protected]
Marcus has twenty years’ experience in delivering Governance, Risk and Compliance solutions to over two hundred organisations within the UK. Marcus holds the respected Diploma in Governance, Risk and Compliance from the International Compliance Association and holds a master’s degree in Management Learning & Change from the University of Bristol.
Marcus is a member of BSI G01 Governance Committee, this committee contributed to the formulation of the above Standard, in the UK.