Scott Carnachan, consultant, was recently quoted in Thomson Reuters Regulatory Intelligence on Hong Kong’s new insurance regulator. The article discussed how compliance and legal staff will need to adapt to the dictates of the regulator and follow its development closely.
Scott said: “For compliance officers, while there are new regulatory requirements to build into their compliance programmes, their job remains fundamentally the same: assisting their employer to comply with regulatory requirements and ongoing monitoring of compliance. Ultimately, compliance is something that needs to be built into an insurer’s culture and supported from the top.”
The compliance culture at insurance firms was not, however, something that could be left solely or primarily to compliance teams, he said.