Navigating the Evolving Compliance Landscape: Insights from the TRACE Singapore Roundtable 2024
The recent TRACE Singapore Roundtable brought together compliance professionals from around the world to discuss industry issues that matter to them. A key theme emerged: the need to adapt to an evolving landscape marked by advancements in technology and changing enforcement priorities.
One of the most interesting discussions focused on Singapore's unique approach to compliance, which emphasizes individual accountability alongside its pro-business stance. While this fosters personal responsibility, it also raises concerns about multinational corporations being able to skirt responsibility.
The roundtable also explored the potential and pitfalls of Artificial Intelligence (AI) in compliance practices. While AI holds promise for streamlining processes (great for efficiency), attendees acknowledged that there are risks (for example, algorithmic bias, potential privacy violations, loss of control). Several participants said that they are starting to use AI tools, but that a lot of mitigation will need to happen before a full scale roll out.
Finding the right balance between in-person and online training was another key topic. Training must be engaging and effective. Techniques such as gamification and real-life case studies specific to the team appear to be sure winners and are highly recommended.
Compliance fatigue was also a concern addressed by the roundtable participants. To combat it, consider incorporating "compliance moments" into weekly meetings (utilizing case studies based on your business). A strong culture of compliance within the organization remains the key ingredient. Also, staff don’t like wasting their time, so a company could allow professionals to “test out” of training where possible.
For companies working with joint ventures (JVs), seamless integration of compliance standards, before even beginning work, was identified as crucial for success.
Don't miss the next opportunity to connect with your peers! The TRACE events team can provide details on upcoming events. Reach out to them at events@TRACEinternational.org.
MBA Student, London Business School
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