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Financial Standards International Xchange Proposal Brings ISO 9000 to Financial Services

New York, Jul 01, 2003

At the June 2003 meeting of the International Organization for Standardization’s Technical Management Board (TMB), the Financial Services Xchange (FSIX) submitted a proposal to develop an International Workshop Agreement (IWA) on the application of ISO 9001 to the International Financial Services Industries. The IWA would provide a "non-competitive forum for firms within the financial services industry to share information regarding best practices and key process performance data employed in improving key business processes affecting their customers." American National Standards Institute (ANSI) members are invited to contribute feedback to the proposal to ANSI staff by Friday, July 18, 2003.

FSIX is comprised of industry professionals working to recommend an approach to improve the performance levels of financial services firms. According to the proposal, banking institutions, securities firms and insurance companies "have a history of underachievement in providing acceptable customer service." Past efforts to systemically identify and resolve core industry problems have been unsuccessful. In response, FSIX aims to "create a series of coherent, sector-specific standards that will enhance regulatory compliance, risk management and increase customer focus in the international banking, securities and insurance industries" through the proposed IWA.

FSIX is in the process of drafting FS 9000, which is modeled after the ISO 9000 series of standards; the structure of FS 9000 will include the requirements of ISO 9001:2000 and the guidelines of ISO 9000:2000 and ISO 9004:2000.

ANSI members may send feedback on whether ANSI should or should not support the development of this IWA, and any specific comments to Steven P. Cornish, ANSI international policy program director (email:; t: 1-212-642-4969) by Friday, July 18, 2003. ANSI staff will develop the ANSI position based on responses received, and inform the AIC of this position prior to its submittal to ISO.

"It is important for ANSI members to express their thoughts on this proposal in order for ANSI to take an active stand on it as it goes forward in ISO," said Cornish.

ANSI members may view the proposal here: Proposal for International Workshop Agreement

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