Financial Services

Essential strategies for regulatory compliance

In the post global financial crisis era, regulators are working on revolutionary regulatory reforms that will increase expectations on and responsibilities of financial institutions in managing their compliance risk. Regulatory compliance is one of the governance duties held by the board and senior management. With good governance and culture, sound compliance infrastructure and dynamic framework, ability to stay abreast of all cross-border and local regulatory developments, as well as competent compliance personnel, financial institutions will be able to ride the waves of change, emerge stronger, and operate businesses with integrity.

How can we help
At Ernst & Young, we have a team of experienced professionals providing a range of services to assist financial institutions in fulfilling their regulatory compliance obligations. We belong to a global network that gives us ready access to overseas regulatory professionals and are able to provide you with one stop advisory services. Our regulatory services include:

• Advise and assist in developing compliance framework, structure, policies and procedures, and monitoring program
• Assist and facilitate firm-wide compliance risk prioritization exercise through a risk-based approach
• Evaluate potential impact of new regulations to your business
• Act as regulatory compliance advisors to you, addressing day to day compliance queries and issues
• Conduct operational and compliance review of regulated activities to identify gaps
• Assess and review regulatory returns, data mapping, and preparation process to ensure compliance and accuracy in preparation.
• Review outsourcing risks and controls
• Perform mock interviews and inspections prior to regulatory inspections
• Assist and support in dealing with regulatory enforcement actions and remediation exercises
• Conduct regulatory compliance training

	Transition to the enhanced fund management regulatory regime The publication summarizes the preparatory steps for Singapore fund management companies in transiting to an enhanced regulatory regime with the finalization of new rules.
	Toward effective governance A report by Tapestry Networks in collaboration with Ernst & Young, discusses a detailed post-crisis governance action plan and enhancements to risk governance.
	Regulatory Capital for Fund Management Companies This serves to summarize the impact of new Monetary Authority of Singapore consultation paper on the risk based capital requirements of licensed fund management companies.
	Summary of Singapore OTC Derivatives Regulation This paper provides a summary for the key industry players in response to the MAS consultation papers to tighten the regulatory oversight over OTC derivatives.
	MAS latest consultation paper on proposed enhancements for Singapore fund management companies - Polling results The publication summarises the results of a recent polling exercise with the fund managers on the proposed new regulatory enhancements introduced by the MAS.
	Enhanced regulatory regime for Singapore fund management companies We are pleased to provide a summary of the key regulatory requirements for fund management companies which are spelt out in MAS’ latest consultation paper.