Financial Institution Risk Management Policies in Singapore Face Intensifying Scrutiny Amid Evolving Regulatory Landscape
Pressure Mounts on Financial Institutions to Comply with Rapidly Changing Regulatory Requirements
The pressure on financial institutions in Singapore to comply with the rapidly changing regulatory landscape has reached unprecedented levels, prompting increased scrutiny from regulators and investors alike. In the wake of the global financial crisis, compliance demands have become far more intensive, with new rules being introduced and existing ones tightened.
Meeting Compliance Demands Requires Enhanced Processes and Technology Solutions
As a result, financial institutions are grappling with the challenge of keeping pace with these changes while managing regulatory and compliance risks. To meet this demand, they will require enhanced processes and system enhancements, as well as technology solutions to support effective and dynamic compliance frameworks that adapt to market and regulatory developments.
KPMG’s Regulatory Compliance Team Offers Customized Solutions
KPMG’s dedicated regulatory compliance team, comprising ex-regulators and industry professionals, is well-equipped to assist financial institutions in meeting these demands. Leveraging its deep understanding of regulatory requirements and expectations within the financial services industry, KPMG provides practical and cost-effective approaches to ensure compliance.
Customized Services for Unique Financial Institution Needs
Each financial institution has unique challenges and issues, and KPMG recognizes this by offering customized services tailored to meet individual needs. The firm’s core services include:
- Licensing-related services
- Compliance-related services
- Catering to a wide range of financial institutions, including:
- Banks
- Capital markets services license holders (e.g., fund managers, REIT managers, brokers, and securities companies)
- Catering to a wide range of financial institutions, including:
KPMG’s Strong Track Record in Singapore
KPMG has a strong track record in Singapore, with member firms leading the audit of banks in key financial centers globally. The firm is also a leader in auditing financial institutions in Singapore and has been conducting seminars on banking laws and regulations for over 30 years. Additionally, KPMG partners have worked closely with the Monetary Authority of Singapore (MAS) on various projects, secondments, and presentations.
Success Stories Highlighting KPMG’s Expertise
The firm’s success stories highlight its ability to provide tailored solutions to clients’ needs. For example:
- Assisted a client in securing an exempt status for regulated activities under the Securities and Futures Act
- Conducted an assessment of accuracy in regulatory returns submissions to MAS for another client
- Helped a European bank enhance its anti-money laundering/counteracting of financing of terrorism (AML/CFT) control environment to better manage risks and address regulatory concerns
Conclusion
Financial institutions in Singapore must adapt quickly to the evolving regulatory landscape while ensuring effective risk management policies. KPMG’s expertise and customized services can help them achieve this goal by providing practical solutions that meet their unique needs and regulatory requirements.