Firstly, let's recap on why we've decided to host a workshop in Singapore (our first in Asia). Michael:
Singapore is one of Asia's most important business and financial hubs. There are many multinational companies based here that have operations across the region, which presents a significant challenge for compliance and risk officers in terms of policy management, particularly when you take into account the different jurisdictions and regulations that need to be complied with. ClauseMatch:
Are there any major regulatory changes on the horizon that companies need to be aware of here in Singapore? Michael:
In April 2018 the Monetary Authority of Singapore (MAS) released guidelines to strengthen the individual accountability of senior managers and improve conduct standards in financial institutions in general. The measures have yet to take effect, but it is crucial that compliance professionals in Singapore are prepared for the forthcoming changes and a good first step would be establishing a governance framework. ClauseMatch:
What are your top tips for companies in Asia with regards to policy management? Michael:
Number one: do a policy inventory to understand what policies you currently have in place.
Number two: develop a policy management structure, ideally in the form of a committee, that can review, update and approve policies on a regular basis.
Number three: make sure you have the best technology in place to support your compliance team.
Automating and digitising many of the more time-intensive tasks, like keeping up with the 200+ daily alerts on regulatory changes and enforcement actions that could potentially impact your company, or ensuring consistency across your policy library, will free you up to focus on the higher value decisions. ClauseMatch:
On that last point, how do you feel RegTech can help companies in Asia to overcome their challenges? Michael:
A lot of banks in Asia are operating across multiple jurisdictions. Constant changes in regulations should be driven through their internal documentation. That's tricky to handle with outdated practices. So what RegTech could help them with ideally is ensuring that their policies, procedures and controls are aligned and up to date with the regulatory obligations in different countries across Asia. ClauseMatch
will be running more Policy Management Workshops
and events in Singapore and the major financial services centres of the world. To find out more, follow us or get in touch