1% of Spanish GDP comes from ISO standards

Next October 14, World Standardization Day is celebrated again, an initiative supported by the IEC, ISO and ITU that seeks to pay tribute to the thousands of experts worldwide who participate in the development of all the standards that govern our daily lives.

These standards are key to economic development, not only because of the confidence they convey to the consumer, but above all because of what they contribute to business competitiveness.

According to data from UNE (Spanish Association for Standardization) and the CEOE, these standards account for 1% of Spanish GDP, accounting for 5% of the country’s business income from sales, for which, in addition, it allows a reduction of 7% of costs per activity.

In relation to this, GlobalSuite Solutions offers a pioneering GRC solution that automates regulatory compliance, as well as risk management and process automation.

Likewise, it has experts in regulatory compliance and governance to supervise all its actions, optimizing the management of companies and contributing so that the teams of the organizations can dedicate themselves to what they need most: their business.

“Our objective is to help companies build a corporate governance that meets the current needs of the market, providing them with the necessary tools to comply with all the regulations that involve their business,” explains Antonio Quevedo, CEO of the company.

Transparency and guarantee

In times of current economic uncertainty, compliance with standards and regulations helps companies document both their competence and the effectiveness of their management with potential interest groups, thus generating a climate of trust. Not only that, but, as UNE reminds us, in order to access public contracts, as well as European recovery funds, one must be fully transparent with respect to compliance with the legislation, but it is also necessary to demonstrate adherence to the rules relating to efficient use of energy and the environment.

1% of Spanish GDP comes from standards, regulations and ISO certificates

In fact, the main axes of the Recovery, Transformation and Resilience Plan of the Spanish Government go through compliance with a set of standards that include internationally recognized business practices in areas such as digitization and cybersecurity, R&D&I management, continuity business, compliance, anti-bribery, health and safety at work and sustainability. The latter is, more specifically, directly related to the UN Sustainable Development Goals (SDGs).

Compliance with sustainability standards is a fundamental part of the 2030 Agenda for Sustainable Development, which seeks to generate a better and more habitable planet. In this sense, international standards serve to establish the parameters from which governments and corporations around the world move towards common goals for the preservation of the planet. It is a manual of good practices that requires close collaboration between the public and private spheres to overcome the enormous ecological challenge that we are experiencing.

GRC

It is essential to maintain an adequate GRC (Governance, Risk and Compliance) policy so that companies always have in mind the ISO standards and certificates necessary for their daily management, as well as to stay within the UN SDGs.

Therefore, Governance, Risk and Compliance are the three basic pillars of corporate sustainability today: many entities require compliance with certain parameters in terms of corporate governance, risk management, transparency or regulatory compliance to access financing, aid, subsidies or investors.