Eye on 2016: The Hong Kong Insurance Companies Amendment Bill and Asia-Pacific’s growing culture of compliance
Seen within a broader context, the Bill is one example of the Hong Kong government’s increasing moves to boost compliance requirements to bring regional economies more in line with their European and USA counterparts, and protect consumers. With the regulations carrying increasingly heavy penalties, the time for compliance action is now.
Despite the substantial regulatory function of the Bill not expected to come into force until 2017 or 2018, savvy business leaders in Hong Kong and across the Asia-Pacific region are taking note. To ensure compliance with new regulations, and reduce the risk of penalty (up to HK$10 million in the case of breaches of the Bill) proactive businesses are already investigating and implementing robust compliance and risk management systems to take them into the future.
With increasing regulatory complexity, the need to keep implementation and communication simple to avoid employees becoming overwhelmed becomes even more important. More and more business leaders are discovering, and putting into place systems based on(BPM) and business decision management (BDM) – two solutions which expedite adaption to an ever-changing regulatory environment, and boost compliance. With as one of the most promising risk and compliance solution providers of 2015 by Banking CIO Outlook, providing Hong Kong and Asia-Pacific businesses with systemic adaptability, as well as a strong basis for competitive advantage is a top priority.
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