RHTLaw Taylor Wessing’s Managing Partner Tan Chong Huat shared his views in this week’s topic in the Business Times’ weekly column, Views from the Top.
This article was first published in The Business Times on 26 September 2016.
Bridging the trust gap
SEP 26, 2016 5:50 AM
THIS WEEK'S TOPIC: What can be done - by business leaders and companies - to build trust?
Tan Chong Huat
RHTLaw Taylor Wessing LLP
At the risk of over simplifying the subject, I would recommend that business leaders and companies remember the acronym "GRACE" ie Governance, Risk, Anti-Money Laundering, Compliance & Ethics. These are important virtues when it comes to building trust.
The embracing of each and every one of them will be essential to guide and promote trust, and prevent the destruction of trust that have been established, built over time and maintained between companies and stakeholders.
Good governance that delivers performance and profitability which complies with regulations (among others, anti-money laundering as in the recent BSI / 1MDB case), conforms with good ethics, and is equipped with adequate and effective risk management will offer a good trust-enabling framework.
Needless to say, the honesty, diligence and accountability of business leaders will be of foremost importance in determining the trust quotient of the companies they helm. Examples include Dr Cheong Choong Kong (Singapore Airlines) and Warren Buffet (Berkshire Hathaway), just to name a notable few.
Over time, some of these companies become great institutions which are trusted and loved by their stakeholders, with a distinctive culture of honour and integrity. Hence the importance of "GRACE"
RHT Compliance Solutions organised its flagship Compliance Summit titled “Getting Smart and Getting Touch” at Suntec Convention Centre on 22 September 2016. RHTLaw Taylor Wessing Chairman and Senior Consultant Professor Walter Woon SC gave the welcome address. We were delighted by the turnout of about 250 guests, mostly from the legal and compliance community in financial services.
Four interesting panel discussions were held covering the following themes:
AML in Focus – how certain unprecedented enforcement actions in Singapore by the MAS has put AML front and centre, and how financial institutions should react.
Role of technology in compliance – with increasing complexity of regulations, there is a need to leverage on technology for compliance.
Anti-Corruption – dissecting issues such as the impact of 1MDB on anti-corruption programs, dealing with cross-border risks, innovative approaches towards anti-corruption program and handling cross-border investigations.
Compliance culture – how recent enforcement actions has put compliance culture in the forefront, designing a program to promote compliance culture, measuring compliance culture, and a debate about the need to have an accreditation program for compliance officers in Singapore
FinTech and Compliance – the inherent tensions between innovation and regulation, the importance of having a risk-focused compliance program for Compliance Officers.
We were also privileged to have a speaker from HK’s Independent Commission Against Corruption to present on Asset Forfeiture in Corruption.
This Summit took place as part of the UK Government’s International Anti-Corruption Week –Tackling Financial Crime Together organised by the British High Commission in Singapore.
The Partners, Management and Staff of RHTLaw Taylor Wessing and the RHT Group of Companies express their condolences to ASEAN Plus Group member firm Hanafiah Ponggawa & Partners (HPRP) over the loss of one of their leading lawyers, Partner Harry Tjipta Prabawa.
Our thoughts and sympathies are with the his wife Vonny Julia and children, Matthew and Sarah.
Please see below a statement issued by HPRP.
HPRP Grieves the Loss of Partner Harry Tjipta Prabawa
It is with deep regret and sorrow that the Partners, Management, and Staff of Hanafiah Ponggawa and Partners announce the passing of our Partner, Harry Tjipta Prabawa.
Harry was a well respected lawyer who managed our International Trade Practice. He was recognised as an expert in South-east Asia and was an expert consultant for projects which involved the World Trade Organisation, European Union, Indonesian Chamber of Commerce, and the Ministry of Trade of the Republic of Indonesia.
Mr. Constant Marino Ponggawa, Managing Partner of HPRP said, “Harry was an outstanding lawyer, a man of integrity and boundless energy. He was a kind and warm man who loved his work and more importantly his lovely wife and children. We are sad to have a lost a brother but we are honoured to have served with him. Today, the Partners, Management, and Staff of the firm grieve the loss of a leading light of the firm.”
Partner Harry Tjipta Prabawa was 41 and is survived by his beloved wife Vonny Julia and children Matthew and Sarah.