What does an ISO certification mean?
Many of you reading this will be wondering what the “big deal” about an ISO certification is. We already covered a great deal of ground dealing with ISO in our previous article – We are certified!
As a quick reminder –
“ISO (International Organization for Standardization) is a worldwide standard-setting organisation composed of national standards bodies from various countries establishing credibility and trust among the companies that can say they have an ISO certification. ISO requires a company to set clear objectives for their business, standardising processes and then explaining them to their employees. It’s all extremely formal and all heavily regulated”.
Since Kuda FX can proudly say that we are ISO certified, we thought we would chat a little bit more about what the ISO certification is and what the benefits of being ISO certified are.
Firstly, what is an ISO certification?
According to ISO Quality Services Ltd, an ISO certification is –
“a seal of approval from a third-party body that a company runs to one of the international standards developed and published by the International Organization for Standardization (ISO).
The ISO are an independent, non-governmental international organization who brings together experts to share knowledge and develop international standards that support innovation and provide solutions to global challenges.”
While ISO doesn’t perform the certification itself – an act that is performed instead by an external certification body (an organisation can therefore be certified by ISO but the accreditation is given by the independent third party), it does provide “a useful tool to add credibility, by demonstrating that your product or service meets the expectations of your customers”.
Hold on, what’s the difference between the certification and accreditation by ISO is prudent –
“Certification – the provision by an independent body of written assurance (a certificate) that the product, service, or system in question meets specific requirements.
Accreditation – the formal recognition by an independent body, generally known as an accreditation body, that a certification body operates according to international standards”.
Essentially, one can therefore assume that a company that can say that possess an ISO certification operates according to international standards. Something that should be a given when dealing with a Forex Intermediary. But that isn’t always the situation.
While an ISO certification for a forex intermediary is a positive stamp of approval, it’s nevertheless still important for the client to ensure that all the regulatory compliance boxes have been ticked for the forex intermediary to be operational.
One of these tick boxes is to check whether the international organisation works “in cooperation with ISO for accreditation.
The International Accreditation Forum (IAF) is the world association of Conformity Assessment Accreditation Bodies and other bodies interested in conformity assessment in the fields of management systems, products, services, personnel etc.
ILAC is the international organization for accreditation bodies operating in accordance with ISO/IEC 17011 and involved in the accreditation of conformity assessment bodies including calibration laboratories (using ISO/IEC 17025), testing laboratories (using ISO/IEC 17025), medical testing laboratories (using ISO 15189), inspection bodies (using ISO/IEC 17020) and proficiency testing providers (using ISO/IEC 17043)”.
As an ISO certification is an easily recognisable gold standard across the globe, it reassures our clients who reside across our own borders. Why? Because they know we operate according to strict standards. Something we pride ourselves on. Furthermore, our clients know that they can expect a particular standard of service and that ensures that we always meet their expectations.
Again, ISO signifies to all those wishing to interact with Kuda FX that there are certain quality assurances, safety of funds, and efficiency of Kuda FX’s operations that can be expected. Something we naturally pride ourselves on.
ISO is also a great differentiator between the various intermediaries competing in the same FX space. The ISO certification shows the client the forex intermediaries’ commitment to fostering a strong client-provider relationship based on having the client’s best interest at heart.
Secondly, what are the benefits of having an ISO certification?
According to ISO Quality Services Ltd –
“ISO certification shows your key stakeholders that you have a well-run business that has structure, is stable and ready for growth.
Common benefits across all ISO standards include:
- Increased efficiency
- Reduced costs
- Improved customer satisfaction
- More engaged employees
- Reduced risks
- Reduced insurance premiums
- Helps with tendering.
By maintaining an ISO certification, you are proving your organisations commitment to achieving your objectives and increasing the credibility and customer confidence in your product or service”.
To us at Kuda FX, having an ISO certification specifically means the following to our international clients –
- Reliability and trustworthiness by crediting credibility and dependability in managing the client’s foreign exchange requirements.
- Reduction of risk of errors or issues with transactions because of the consistency in superior service delivery. As required by ISO standards Kuda FX has a structured approval to risk management related to FX trading.
- Kuda FX is committed to the protection of all of our client’s data and personal information as is required by our local Protection of Personal Information Act No 4 2013 (POPIA) as well as the European Union’s General Data Protection Regulation (GDPR).
- Furthermore, Kuda FX believes that efficiency according to ISO standards is key. We therefore assure our client’s that their experience will be one of efficient execution of their trades, and management of their accounts and inquiries. A seamless interaction with Kuda FX is guaranteed!
- By being aligned with ISO, Kuda FX is also aligned with all relevant laws, regulations, and best practices in the FX industry.
We will continue to strive to improve and innovate, making our services better, more secure, and more efficient.
With all the above in mind, we encourage you to get in touch with a Kuda FX professional, like our team at Kuda FX who would be happy to explain the above concepts in further detail to you or provide any other assistance you may require with your needs.
In fact, if you have any queries on the information, we have set out above, please feel free to get in touch with us.
At Kuda FX, we always have your back!