The client, their challenge
Our client, an Asian regional private equity investment firm, was undergoing an inspection by the Monetary Authority of Singapore (MAS) and received comments/findings from the inspection team that required the drafting of new policies and enhancements to existing policies to address the recommendations.
As most of the topics (e.g. related party transactions, gifts and entertainment, expense allocation) don’t relate directly to specific MAS regulations, notices, guidelines or information papers, detailed knowledge of industry best practices was needed, on top of a significant amount of work to formalise the new and revised policies.
Our solution
Our Regulatory Compliance team in Singapore leveraged their collective experience and knowledge to draft several new policies and make edits to existing policies to address MAS’ specific recommendations, under a separate engagement.
We allocated resources internally and prioritised the engagement to ensure the deliverables were ready before the client’s submission to the MAS, meeting both timeline and expectations. In addition, we worked closely with the client to advise on how best to implement the updated policies and maintain the necessary documentation to show that the controls were operating effectively.
The results
With IQ-EQ’s support, MAS’ follow-up to the inspection was completed smoothly and the client was able to demonstrate to MAS that the inspection findings and recommendations have been addressed effectively.
