On a misty Friday morning here in the UK, I had the pleasure of attending (albeit virtually) the annual regulatory forum organised by IMAS for the Investment Management industry in Singapore.
Whilst it was an early start UK time, I was keen to experience their discussions on the current regulatory environment in Singapore and the impact on regulated financial institutions.
I wasn’t disappointed! With representation from the highest levels within MAS, we were provided with a presentation by Tan Keng Heng, the Executive Director for Capital Market Intermediaries from the Monetary Authority of Singapore (MAS). It was interesting to hear what was on their minds and what the key focus should be for organisations in 2022.
Whilst too many topics were covered to pay them all justice in this short blog, it was interesting to note that there was a real focus on risk management, senior manager oversight and accountability and last and most certainly not least, the increasing focus on RegTech to help firms meet and manage both their regulatory and operational responsibilities.
For those of you that may not be aware, Singapore run a programme whereby in certain circumstances financial institutions can apply for grants in support of technology projects. A clear example of “putting your money where your mouth is” to coin an old phrase.
Whilst the PRA/FCA in the UK led the way globally on accountability regimes, and regulatory sandboxes, there certainly is no programme in place either from them or the PRA around regulatory initiatives to adopt and implement RegTech suitable for the 21st Century. So, there most certainly are lessons that can be learned from our Singapore colleagues in this respect.
On a final note, I was really pleased to see IMAS launching a new generation of e-learning. Acknowledging that e-learning historically could be one dimensional, the IMAS team took this opportunity to launch their very interactive, case study and real-life scenario led learning programme on insider trading. No doubt this approach will help change the way organisations think about learning programmes for their staff. This will apparently be quickly followed by a further e learning programme on the Individual Accountability Regime requirements in Singapore, which bearing in mind the requirements were launched back in September 2021, will no doubt be warmly received by those financial institutions affected.
For those individuals reading this and either subject to the IAC in Singapore and/or responsible for the management and oversight of the regime, did you know that the Worksmart team have further developed their award-winning SaaS solution Accord to now manage the IAC requirements?
Get in touch to discussion how we might be able to support you and your organisation on your accountability journey.