MyComplianceOffice Blog

Hong Kong has become one of the most corruption-free nations in the world. The Transparency International 2022 Corruption Perceptions Index (CPI), the most widely used global corruption ranking system, lists Hong Kong as the 12th most ‘clean’ nation out of 180. The system measures how corrupt a country’s public sector is perceived to be, according to experts and businesspeople.

A while back “build vs. buy” was a hot topic when firms were looking to implement new or updated compliance technology. That debate has faded into the background a bit as the industry has shifted to the adoption of SaaS technology as the standard for compliance software.

But for firms that still have systems that were internally built embedded within their organization, the question of when it’s time to sunset their legacy platform and move to a more modern SaaS-based solution remains.

The financial services industry brings substantial responsibilities for those working within it, often far beyond other professions. After all, dealing with money brings significant consequences when managed incorrectly. The outcomes of improper financial management, unethical behaviour, and conflicts of interest can impact not only the lives of clients but also financial advisers who fail to meet the standards of regulators or their firms.

The preservation of healthy financial markets relies on having safe, properly regulated environments where investors can confidently trade securities. Unfortunately, high-profile insider trading cases have grabbed the spotlight in recent years.

As financial firms across Singapore continue their strong growth, managing compliance effectively brings increased challenges.