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The banking and finance industry accounts for 20–25% of the global economy. It is a vital component of the world economy, supplying credit and loans necessary for the operation of several businesses. Banks and Financial institutions are crucial for matching borrowers with savers and formulating monetary policy to keep economies running smoothly. Moreover, this industry also helps other businesses and sectors enhance their operations and revenue by borrowing money and funds.
Banking and Finance Industry can apply for the following ISO Certifications
A list of ISO Certifications the banking and finance industry can apply to improve their internal working and management system. These are:
ISO/IEC 27001:2022 Certification for Information Security Management System (ISMS)
The modern times are also known as the digital world due to increased digitisation and technological advancement. Technology is opening new realms for organisations to scale their operations and generate more revenue, so how can the banking and finance industry remain untouched by its essence? ISO 27001 certification helps banks and finance institutions adopt appropriate tools and controls to safeguard valuable data assets. Moreover, it ensures the implementation of required information security measures to protect users' sensitive and confidential data.
ISO/IEC 27701:2019 Certification for Privacy Information Management System (PIMS)
Privacy and Information Security are two significant sides of the same coin that cannot be used as a substitute for one another. People deposit their hard-earned money in their bank accounts, trusting the banking and financial institutions. However, it becomes the responsibility of the banking and finance institutions to give users the right to control their information as to who can view or use it. Here, ISO 27701 Certification for Privacy Information Management System provides a framework for financial institutions to manage users' personal and private information.
ISO 9001:2015 Certification for Quality Management System (QMS)
Quality is a non-negotiable element in every industry; the more, the better. The banking and Finance industry is among the highest contributors in the service sector. Furthermore, it makes it necessary for the industry to deliver quality services to meet customer requirements and expectations. ISO 9001 is a universally accepted and most used standard for achieving quality management systems. However, it helps industries improve the organization's internal working and overall quality performance.
ISO 14001:2015 Certification for Environmental Management System (EMS)
ISO 14001 standard provides a framework for an effective Environmental Management System to improve the overall environmental performance of banks and financial organizations. Moreover, the certification provides tools for businesses to identify and eliminate activities that cause severe environmental impacts. Environmental responsibility is not only a moral imperative but also a strategic necessity for modern financial institutions.
ISO 45001:2018 Certification for Occupational Health and Safety Management System (OHSMS)
ISO 45001 provides a framework for establishing an Occupational Health and Safety Management System (OHSMS). It assures that the organisations take responsibility for the health and safety of employees and customers. Banking and financial institutions demonstrate their commitment to a safe and healthy work environment by reducing the risk of accidents and complying with occupational health and safety guidelines and regulations.
ISO 22301:2019 Certification for Business Continuity Management System (BCMS)
ISO 22301 Certification is the first standard in the world for Business Continuity Management Systems (BCMS). It mandates the organisation to handle operational setbacks to help them continue to provide high-quality goods and services. It shows that you understand the business and management and prepare the organisation for unanticipated situations. Organisations with ISO 22301 certification benefit from a robust framework and are guaranteed business continuity by using suitable technologies to mitigate disruptions to operations.
ISO 37001:2018 Certification for Anti-Bribery Management System (ABMS)
The standard for Anti-Bribery Management Systems (ABMS) is ISO 37001:2016 certification. By upholding adherence to Anti-Bribery principles, it seeks to instill an atmosphere of openness and transparency and foster a culture of integrity inside the company. Transparency and trust are the foundation of any successful business; they also lend credibility to the establishment and preserve the integrity of your brand. The ISO 37001 certification offers the proper instruments and safeguards to do away with the corrupt practice of bribery and establish fair business practices.
ISO 41001:2018 Certification for Facility Management System (FMS)
ISO 41001 Certification outlines the requirements for Facility Management Systems (FMS). The standard integrates multiple disciplines to enhance the productivity and efficiency of individuals, societies, communities, organizations, and economies. It improves the organization's interaction with the environment and impacts the health and well-being of society.
Services and Organization Controls (SOC) Certification
System and Organisation Controls, or SOC certification, is crucial for data and information security. Organizations must follow worldwide best practices and SOC recommendations to protect customer data. Moreover, the certificate fortifies the five domains of finance, security, integrity, privacy, and availability to improve an organization’s reputation and brand value.
Capability Maturity Model Integration (CMMI) Certification
Businesses can use the Capability Maturity Model Integration, or CMMI Certification, to raise the caliber of their products and services. The certification focuses on optimizing an organization’s plan by identifying and eliminating relevant issues. Moreover, it provides tools to manage and monitor current and future operations.
General Data Protection Regulation (GDPR)
General Data Protection Regulation (GDPR) is a significant tool to ensure privacy and information security in this digital world. Organisations operating in the European Union (EU) that handle the data of EU citizens are subject to a tighter data protection framework. The GDPR safeguards the private data of employers, employees, and other parties. Organizations that break this law risk severe fines and penalties, which damage the organization’s image.
Conclusion
The International Organization for Standardization (ISO) has developed multiple ISO standards to improve the working and management system of the Banking and financial industry. ISO certifications are a hallmark of excellence that guides institutions toward the highest quality, security, and integrity standards. However, it acts as a marketing tool for banking and financial institutions to protect sensitive information by ensuring seamless communication and managing unforeseen disruption.
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