The message resonated among compliance practitioners during the Institute of Banking and Finance’s (IBF) first-of-a-kind compliance seminar today: invest now in upgrading skill-sets to meet the challenges posed by developments in the global financial sector. IBF and industry executives highlighted the role of the Financial Industry Competency Standards (FICS) as a key enabler of financial sector manpower development. FICS is a national initiative that is spearheaded by IBF and supported by the Government and financial industry to enhance the skills of the financial sector workforce.

Over 200 senior executives comprising Heads of compliance, legal counsel, lawyers, auditors and consultants attended IBF’s ‘Best Practices in Compliance’ seminar today at the Marriott Hotel which featured several senior practitioners.

Mrs Adeline Koh, Regional Risk Manager for Asia
QBE Insurance (International Limited)

Ms Aurill Kam, Partner
Rajah & Tann LLP

Mr Conrad Lim, Deputy CEO & Head of Legal and Compliance, Asia
LGT Bank in Liechtenstein (Singapore) Ltd

Mr Edmund Leow, Principal
Baker and McKenzie, Wong & Leow

Ms Felicity Youl, Regional Head of Compliance and Control
BNP Paribas, Asia Pacific

Ms Sharon Craggs, Member of the Board of Directors
CFA Singapore

The speakers and panelists shared their views and experience on several key points, such as:

The issues and challenges facing the compliance industry – With the anticipated regulatory changes, and key compliance risks faced by financial institutions as brought about by the global developments. Mr Edmund Leow shared his observations that Compliance will be playing an increasingly strategic role in their organizations and helps to shape the organisation’s system and culture to add value to the clients.

Key trends for compliance practitioners – In examining the key changes and development over the last 10 years, Mr Conrad Lim shared his insights on the multiple sets of competing priorities and expectations that Compliance function needs to straddle in order to achieve buy-in for implementation.

Compliance as a business enabler – In addition to risk assessment, identification, advisory, and monitoring, Sharon Craggs charted other key elements of a robust compliance program for Compliance to truly be a business imperative and to add value to the business. These include involvement of the board and senior management, and buy in from business units in their daily operations.