The client, their challenge
Following a merger between two multinational fund management companies, our client needed help managing the complicated task of integrating two sets of compliance policies, procedures and monitoring programmes – one from each of the partners in the merger – spanning a number of jurisdictions in Asia including Hong Kong, Singapore, Australia, India and Japan, where the internal compliance teams had a number of competing priorities that also required solutions.
Our solution
We assembled our regulatory compliance experts to provide a gap analysis of the current applicable rules and regulations in each location, comparing them against the client’s existing policies and procedures. Where the results of the analysis showed that refinements or additional procedures were required, the project coordinator communicated that guidance to the client. At the same time, inconsistencies between the sets of documents and between local, regional and global policies were highlighted to ensure the framework governing the client’s Asian operations was fully coherent and integrated.
From there, IQ-EQ assisted the client’s compliance team in compiling local and regional matrices of reporting and notifications requirements to be incorporated into the client’s overall compliance monitoring programme. Finally, our LearningHub team prepared compliance induction training materials for the client’s employees to alert them to the changes in procedures prior to the employees’ certification of attestation to the new compliance framework.
The results
The client’s board and senior management can be assured that their compliance policies and procedures across the region are clear and well-understood by staff, reflect the current regulatory requirements as well as the actual internal operating environment and can take reasonable comfort that the risk of compliance breaches has been reduced.
