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As the compliance landscape grows more complex, Asia’s leading chief compliance officers are demonstrating strategic leadership and spearheading innovative approaches to ensure compliance while strengthening organizational resilience in these dynamic times.

 


Click below to read profiles of three of the winners:

 


 

The landscape facing compliance officers in the Asia-Pacific region is now more challenging than ever.

With increased e-commerce crime, data protection regulations, money laundering and other complex threats, compliance teams have their work cut out for them in dealing with existing issues. At the same time, regulators are taking a more aggressive stance and expecting firms to do more to protect customers.

Into this dynamic environment comes ALB’s inaugural list of Asia’s Top 15 Chief Compliance Officers. This list sets out to recognise the most strategic leaders who are weaving cultural understanding, ethics and data-driven insights to promote proactive risk management and align compliance with business goals.

VIGILANCE ACROSS VERTICALS

For luxury brands operating in today’s data-driven marketplace, a breach of sensitive information can undermine trust and impose commercial ramifications. According to an IBM report, the global average cost of a data breach in 2023 reached $4.45 million, a 15 percent increase over the past three years.

Collecting certain customer information is necessary for companies like Chanel to deliver personalized service, but maintaining ownership and control over sensitive data warrants special considerations, especially for high-value clients.

To combat data leaks and cyberattacks, the luxury house has strict protocols in place, says Wendy Chan, regional compliance offficer and head of business ethics for the Asia-Pacific at Chanel Hong Kong. “We work closely with privacy experts and security teams to securely collect necessary information for clients.”

As a high-end brand dealing in valuable and portable goods, Chanel somewhat faces greater anti-money laundering (AML) vulnerabilities than other retailers.

Anti-money laundering rules were strengthened across many markets following the Financial Action Task Force (FATF)’s revised standards in 2012. Aware of the compliance obligations to report suspicious transactions and large cash deals, Chanel has implemented a rigorous AML program, says Chan.

“The programme covers both our customers and suppliers to mitigate risks throughout the business,” she explains, adding that it includes regular training to equip frontline staff to identify potential red flags in transactions and properly handle sensitive personal details.

On another front, plagiarism of branding and trademarks can lead to reputational damage and liability risks for organizations if counterfeits are not properly addressed. Just as Chan notes, “It is not uncommon to see counterfeits and super fakes in the market parasitising on our brand.”

Chan says Chanel has an in-house brand protection team that actively bans online and offline counterfeit goods sales. Still, policing unauthorized sales networks is a massive undertaking given the scope of illicit activity.

The company thus “monitors its point-of-sale (POS) partners closely to ensure that all goods in the boutique are genuine, continuously update its product authentication technology and actively educate its customers and staff to identify its brands through events like the World IP Day in the office,” according to Chan.

AHEAD OF THE CURVE

As geopolitical tensions continue to intensify, there has been a growing trend of “de-dollarization” as countries seek alternative payment systems to the U.S. dollar for cross-border digital transactions, according to a Thomson Reuters report.

At the same time, there are efforts underway to establish regulatory frameworks and safeguards around the collection and storage of personal financial information, such as India’s Digital Personal Data Protection Bill or Indonesia’s Personal Data Protection Act.

Debra Au, head of legal, compliance and secretariat for DBS in Hong Kong and China, cites geopolitical conflicts as one of the major challenges facing companies in the region. At DBS, she oversees a balanced approach to navigating evolving compliance risks stemming from diversifying regulations and rapid digitalization across borders.

India’s Digital Personal Data Protection Bill and Indonesia’s Personal Data Protection Act, for example, were part of broader efforts to establish regulatory frameworks and safeguard around the collection and storage of personal financial information.

Against a constantly shifting regulatory environment, the key is “being sensitive to macro changes and global development while partnering strategically with businesses,” says Au. “We work closely with other industrial players and government authorities to constructively shape up positive, pragmatic policy so that ultimately the whole industry can benefit.”

Specifically, Au’s team administers a comprehensive risk management programme that facilitates the identification, assessment, monitoring and reporting of pertinent risks to keep exposures within defined constraints.

Recent e-commerce scams in Singapore and infrastructure failures causing multi-day outages in Australia show that no firm is immune from the potential fallout of unexpected issues. Crisis management planning, therefore, has taken on rising importance for businesses all around.

The world’s largest alternative asset manager, Blackstone, takes a proactive stance through regulatory engagement, risk assessment, robust policies and staff training, according to Li Chian See, managing director and Asia-Pacific head of compliance.

“We thoroughly engage with regulators and government bodies to stay on top of local laws, regulations, licensing requirements and marketing restrictions for all existing markets,” says See, adding that regular risk assessments help the company identify compliance risks specific to each market.

“We provide regular staff training to emphasise the importance of ethical conduct and compliance with varying laws,” says See. “For high-risk areas, we prepare detailed dos and don’ts for our business teams.”

When it comes to compliance, it’s always better to identify potential risks ahead of time, rather than facing problems later on. For this reason, due diligence is another key facet of Blackstone’s approach.

See states the firm conducts thorough checks on both investors and distribution partners before forming relationships: “We assess compliance capabilities, source of wealth and reputation to ensure alignment with our standards and local laws.”

DRIVING VALUES FROM WITHIN

With the mounting pressure on businesses to operate more sustainably and ethically, nowhere is the need for vigilance greater than in ESG compliance.

Chanel is stepping up ethical oversight and sustainability practices within its extensive Asia Pacific supplier, manufacturing and vendor network.

“We actively analyse our suppliers against our ESG KPIs and have in place the responsible procurement policy that sets out the ethical standards Chanel expects,” explains Chan. “If necessary, we conduct overall audits on suppliers, including those regarding the conditions of work and the use of forced labour.”

In particular, employees in supply chain management roles will be responsible for thoroughly vetting the company’s suppliers to verify compliance with Chanel’s strict code of conduct.

As countries ramp up efforts to transition to more sustainable economies, there has been sweeping regulatory action focused on green finance and climate reporting.

In 2022, China has taken progressive steps with new green finance guidelines steering banking and insurance institutions towards environmental goals. Mandatory climate disclosure rules have also been enacted in countries like Singapore and Japan. 

A core pillar of Blackstone’s ESG compliance approach, according to See, is “engaging in discussions within the industry on principles of responsible investing.” The firm, for instance, has added considerable domain expertise by becoming a member of organizations such as the Principles for Responsible Investment (PRI).

“We recommend our majority-owned portfolio companies report on ESG at a board level regularly to maintain awareness and accountability,” says See. “There is an annual ESG survey and data collection process for these portfolio companies.”

With chief compliance officers playing a pivotal leadership role, the strategic vision and diligence demonstrated by these leaders in APAC will go a long way towards building stakeholder trust and laying the groundwork for sustainable growth across the region.

 

ASIA TOP 15 CHIEF COMPLIANCE OFFICERS 2024

DEBRA AU
Head of Legal, Compliance and Secretariat Hong Kong and China
DBS Hong Kong

WENDY CHAN
Head of Business Ethics and Regional Compliance Officer for Asia Pacific
Chanel Limited

JOHN CHUNG
Head of Ethics & Compliance, Greater Asia Region
Intel Corporation (Singapore)

SHUHEI FUJIMURA
Senior Ethics and Compliance Manager
Oxford University Press

GUADALUPE LYN P. VERGEL DE DIOS
Head of Compliance and Government Relations
Xendit Philippines

SAMUEL HUEN
Global Head of Legal and Regulatory Compliance
Bank of Singapore

AJITH JOSE
Chief Compliance Officer
CSB Bank

CORINNE KATZ
Senior Director -Group Legal Affairs
CLP Group

JAGADEESH MOHANAKRISHNAN
Chief Compliance Officer
HSBC Life

LI CHIAN SEE
Managing Director and Asia Pacific Head of Compliance
The Blackstone Group (HK) Limited

MICHAEL TING
General Counsel (Legal & Compliance)
Manulife

BARBARA TSAI
Assistant General Counsel, Asia Head of Compliance
Microsoft Operations Singapore

EDWARD TUNG
Head of Legal and Compliance
ORI Capital

HENRY YU
Chief Compliance Officer
Airstar Bank Limited

LORETTA YUEN
Group Legal and Compliance
Oversea-Chinese Banking Corporation Limited

 

 

METHODOLOGY

Selection for the Top 15 Chief Compliance Officer ranking considers a blend of factors:

  • Experience & Expertise: Years in leadership, industry knowledge, regulatory savvy, and program success all contribute to a strong track record.
  • Strategic Impact & Outcomes: Demonstrating a focus on aligning compliance programs with the corporation's overall strategy, effectively mitigating risks to support business objectives, and delivering quantifiable results (e.g., reduced fines, improved audit outcomes) showcase a CCO's impact.
  • Leadership & Innovation: Inspiring teams, strategic vision, implementing innovative solutions, and thought leadership set top performers apart.
  • Reputation & Recognition: Industry recognition, awards, association involvement, and a positive online reputation solidify a leader's standing.

Submissions, external collaborating law firms/lawyers’ nominations and market research inform the selection process, followed by shortlisting, expert review, and a final selection based on a comprehensive evaluation.

 

TO CONTACT EDITORIAL TEAM, PLEASE EMAIL ALBEDITOR@THOMSONREUTERS.COM

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