64% of respondents felt that a market or regulatory breach was widely perceived as the most significant governance risk, according to the Thomson Reuters and EY 2014 Governance Survey
Thomson Reuters, the world’s leading source of intelligent information for businesses and professionals, today announced that it will host the third Indonesian Regulatory Summit in Jakarta on 25th November, which will continue to connect local regulatory bodies and policymakers within the domestic financial services industry. The summit will provide a platform for direct dialogue on key issues facing the rapidly developing and changing regulatory landscape.
Over 250 senior-level executives and compliance professionals from various financial regulatory bodies, exchanges, associations and authorities, financial institutions and corporate entities are expected to attend the summit to discuss how the industry should tackle the regulatory issues and achieve operational excellence. Dr. Muliaman D. Hadad, Chairman of the Indonesia Financial Services Authority (OJK), will deliver the keynote speech. Other organizations supporting the summit include ASIFMA, CFA Institute, EY and Bank Mandiri.
In a recent survey conducted by Thomson Reuters and EY, organizations across the Asia-Pacific region canvas their views on the compliance and governance challenges faced by their governance function, with 31% of respondents representing the Financial Services sector. The full report can be downloaded online. The survey’s key findings are as follows.
- 64% of the overall respondents felt that a market or regulatory breach was widely perceived as the most significant governance risk for their company. Meanwhile, 18% selected overseas compliance or regulatory breach and 15% opted for corruption or fraud.
- For regional head offices, 57% stated regulatory compliance and disclosure as the most significant challenge for the governance function, followed by executive and board committee support (21%) and corporate governance advice (16%).
- For subsidiary companies, 45% considered statutory compliance as the most significant challenge for the governance function, followed by managing entity data and documentation (28%) and managing group structure (11%).
- 37% of respondents currently utilize entity management technology as a governance tool.
“With the increasing view of corporate governance not just as a regulatory necessity, but as a mechanism for maximizing stakeholder value, it is essential that organizations look to implement a robust governance framework which incorporates subsidiary governance,” said Sanjeev Chatrath, managing director, Asia Pacific, Financial & Risk, Thomson Reuters. “We are delighted to host the third Indonesian Regulatory Summit to facilitate the dialogue around regulatory issues in the industry.”