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Compliance Risk Management: Hong Kong Companies Must Get It Right
As the business landscape in Hong Kong continues to evolve, companies are facing increasing pressure to ensure that they are complying with relevant laws, regulations, principles, and rules. Failure to do so can result in significant financial penalties, reputational damage, and even loss of business.
Setting the Tone from the Top
Embedding compliance into a company’s strategy and everyday operations is crucial to preventing suffering. This begins with effectively establishing the tone at the top, where leaders must demonstrate a commitment to compliance that is consistent with their risk appetite and business practices.
However, many companies in Hong Kong struggle with this critical aspect of compliance risk management. Some key challenges include:
- Defining roles and responsibilities among various functions
- Establishing key performance indicators (KPIs) for compliance measurement and evaluation
- Conducting effective compliance, integrity management, and monitoring during business cooperation
- Identifying potential compliance risks
Getting Help When You Need It
Compliance risk management is a complex and time-consuming process. That’s why many Hong Kong companies are turning to PwC for expert guidance and support.
Our team of experienced professionals can help with:
- Conducting comprehensive compliance assessments using our proven framework and risk assessment methodology
- Providing process improvement advisory services based on the results of our assessments
- Executing compliance audits and gap analysis to identify major gaps in an organization’s controls
- Developing customized compliance management systems that meet local governance and reporting needs
- Delivering effective compliance training to management and staff
Values Delivered to Our Clients
Our clients have seen real value from working with us, including:
- Improved identification, measurement, and mitigation of compliance-related risks in line with their risk appetite
- Establishment of sustainable and effective compliance systems that enhance risk control
- Enhanced knowledge and communication among senior management and affiliates
- Shared best practices for compliance management across industries
- Proactive suggestions on profound risk management and improvement
- Strengthened Anti-Bribery and Anti-Corruption (ABAC) frameworks and designed compliance programs.