Financial standards developers receive leadership award

Issue 54 – October 2013

The achievement of a team of experts developing ISO financial standards has been recognised through an award for excellence and superior performance, presented on 18 September 2013 at the 36th ISO General Assembly, held in St. Petersburg, Russia.

The technical committee (TC) that received the award is ISO/TC 68 Financial services, one of ISO's oldest, created in 1948.

ISO/TC 68 Chair Karla McKenna, who received the award on behalf of the committee, said that in financial services, standards exist to support our business processes, to make business more efficient, predictable, and sustainable.

'We develop and use standards to mitigate business and operational risks, to improve efficiency, and drive out cost, since standards reduce transaction errors, failures, and fraud. Standards lessen or eliminate the financial consequences of not having secure, complete, and clear information needed to complete financial transactions.'

The TC's most recent success stories are:

  • ISO 17442:2012 Financial services – Legal entity identifier
  • ISO 20022 (parts 1-8):2013 Financial services – Universal financial industry message scheme.

Summarised from an ISO media release, 20 September 2013.

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