39 ASIAN LEGAL BUSINESS – MARCH 2024 WWW.LEGALBUSINESSONLINE.COM on company development issues from a compliance perspective.” INNOVATIVE THINKING The two interviewees agree that innovative thinking is crucial for effective corporate compliance. Tong shares the innovative practices at Zhejiang Orient. He says, “In building a compliance management system, it is important first to clarify the management logic and second to introduce scientific methods. We have achieved innovation in some specific operational measures.” He cites the example of the socalled “three lists” compliance management method – including a compliance responsibility list, a process control list, and a compliance risk identification list. “Firstly, the identification of compliance risks is based on the clarity of compliance responsibilities and processes. We innovatively aligned responsibilities, processes, and risk points, facilitating simultaneous standardization and adjustment.” “Secondly, we adopted the ‘Less is more’ business philosophy. For example, we standardized the definition of responsibility types into seven major ones and used a standardized ticking method to define internal and external compliance risk categories and levels. This approach allows for rapid and clear delineation of specific compliance risks, helping the compliance management team to respond efficiently,” shares Tong. Li, on the other hand, emphasizes the importance of tool innovation, especially in the AI era, and the potential impact of new technological tools on compliance work. “We have been following the development of Microsoft’s Copilot service. In mid-January, Microsoft launched the personal edition of Copilot Pro subscription service, embedding AI technology into Office tools, significantly improving the work efficiency of knowledge and text workers,” he says. EXTERNAL SUPPORT With compliance becoming a key focus for enterprises, in recent years, more and more law firms have been seeking to seize this blue ocean opportunity by establishing specialized compliance departments. So, in practice, how do corporate compliance teams collaborate with external lawyers? Li explains that at I-Mab, the legal and compliance team mainly collaborates with external lawyers when new legal systems are implemented. “For example, the field of data compliance is relatively new, and the system is quite complex. Our team particularly needs external lawyers to assist in benchmarking work, which involves understanding the compliance standards of other companies in the same industry to ensure we are neither behind nor ahead.” Addressing this issue, Tong states that a distinctive feature of Zhejiang Orient’s compliance management system construction is “self-reliance”: “Throughout the system’s construction process, all systems and guidance were independently drafted without the assistance of external support.” “Of course, during the operation of the compliance management system, the professional support of external lawyers is very important for special matters such as compliance audits of major projects and compliance investigations in important areas. Lawyers with rich experience in trusts, futures, insurance, financial leasing, funds, and other business areas are needed to provide professional and effective services. Therefore, in 2023, our group company built for the first time a law firm panel, achieving the sharing of professional legal resources within the group,” he shares. CHINA Image: Chokniti-Studio/Shutterstock.com
RkJQdWJsaXNoZXIy MjA0NzE4Mw==