What is this ISO 5009 - Scheme for official organizational roles about?
ISO 5009 discusses financial services and official organizational roles with a focus on the scheme for official organizational roles. ISO 5009 specifies an unambiguous scheme to list official organizational roles by the jurisdiction in a standard way.
To understand the powers associated with each official organizational role, users of ISO 5009 can consult applicable regulations or legislation, documents of the legal entity in which the official organizational role exists, and procedures specific to each organizational entity.
Key provisions of ISO 5009 include:
- Providing lists of official organizational roles
- Leveraging the experience of ISO/TC 68 in defining and maintaining reference data standards
- Defining an official organizational role scheme that is extensible and free from limitation on use and redistribution
Note: It is not the purpose of ISO 5009 to compare or align official organizational roles across different countries or jurisdictions, so as not to limit the usage or relevance of ISO 5009.
Who is ISO 5009 - Scheme for official organizational roles for?
ISO 5009 on the scheme for official organizational roles is useful for:
- Financial institutions
- Managers of financial institutions
- HR departments
Why should you use ISO 5009 - Scheme for official organizational roles?
Understanding the official roles of persons acting on behalf of organizations is an important consideration in fulfilling both commercial business and regulatory interactions and obligations. This is especially true for engagements and interactions in the digital world, and in financial services in particular, as we move towards creating and sustaining a global digital economy.
ISO 5009 addresses the need for listing official organizational roles in a structured way in order to specify the roles of persons acting officially on behalf of an organization or legal entity. ISO 5009 is used to indicate roles in a standard way in digital verifiable credentials, the format for interoperable, cryptographically verifiable digital credentials being defined by the W3C standards organization. Combining LEIs with official organizational roles can become a key enabler for digital identity management.
