15 ASIAN LEGAL BUSINESS – JUNE 2024 WWW.LEGALBUSINESSONLINE.COM COVER STORY Into this dynamic environment comes ALB’s inaugural list of Asia’s Top 15 Chief Compliance Officers. This list sets out to recognise the most strategic leaders who are weaving cultural understanding, ethics and data-driven insights to promote proactive risk management and align compliance with business goals. VIGILANCE ACROSS VERTICALS For luxury brands operating in today’s data-driven marketplace, a breach of sensitive information can undermine trust and impose commercial ramifications. According to an IBM report, the global average cost of a data breach in 2023 reached $4.45 million, a 15 percent increase over the past three years. Collecting certain customer information is necessary for companies like Chanel to deliver personalised service, but maintaining ownership and control over sensitive data warrants special considerations, especially for high-value clients. To combat data leaks and cyberattacks, the luxury house has strict protocols in place, says Wendy Chan, regional compliance officer and head of business ethics for the Asia-Pacific at Chanel Hong Kong. “We work closely with privacy experts and security teams to securely collect necessary information for clients.” As a high-end brand dealing in valuable and portable goods, Chanel somewhat faces greater anti-money laundering (AML) vulnerabilities than other retailers. Anti-money laundering rules were strengthened across many markets following the Financial Action Task Force (FATF)’s revised standards in 2012. Aware of the compliance obligations to report suspicious transactions and large cash deals, Chanel has implemented a rigorous AML program, says Chan. “The programme covers both our customers and suppliers to mitigate risks throughout the business,” she explains, adding that it includes regular training to equip frontline staff to identify potential red flags in transactions and properly handle sensitive personal details. On another front, plagiarism of branding and trademarks can lead to reputational damage and liability risks for organisations if counterfeits are not properly addressed. Just as Chan notes, “It is not uncommon to see counterfeits and super fakes in the market parasitising on our brand.” Chan says Chanel has an in-house brand protection team that actively bans online and offline counterfeit goods sales. Still, policing unauthorised sales networks is a massive undertaking given the scope of illicit activity. The company thus “monitors its point-of-sale (POS) partners closely to ensure that all goods in the boutique are genuine, continuously update its product authentication technology and actively educate its customers and staff to identify its brands through events like the World IP Day in the office,” according to Chan. AHEAD OF THE CURVE As geopolitical tensions continue to intensify, there has been a growing trend of “de-dollarisation” as countries seek alternative payment systems to the U.S. dollar for cross-border digital transactions, according to a Thomson Reuters report. At the same time, there are efforts underway to establish regulatory frameworks and safeguards around the collection and storage of personal financial information, such as India’s Digital Personal Data Protection Bill or Indonesia’s Personal Data Protection Act. Debra Au, head of legal, compliance and secretariat for DBS in Hong Kong and China, cites geopolitical conflicts as one of the major challenges facing companies in the region. At DBS, she oversees a balanced approach to navigating evolving compliance risks stemming from diversifying regulations and rapid digitalisation across borders. India’s Digital Personal Data Protection Bill and Indonesia’s Personal Data Protection Act, for example, were part of broader efforts to establish regulatory frameworks and safeguard around the collection and storage of personal financial information. ASIA TOP 15 CHIEF COMPLIANCE OFFICERS 2024 DEBRA AU Head of Legal, Compliance and Secretariat Hong Kong and China DBS Hong Kong WENDY CHAN Head of Business Ethics and Regional Compliance Officer for Asia Pacific Chanel Limited JOHN CHUNG Head of Ethics & Compliance, Greater Asia Region Intel Corporation (Singapore) SHUHEI FUJIMURA Senior Ethics and Compliance Manager Oxford University Press GUADALUPE LYN P. VERGEL DE DIOS Head of Compliance and Government Relations Xendit Philippines SAMUEL HUEN Global Head of Legal and Regulatory Compliance Bank of Singapore AJITH JOSE Chief Compliance Officer CSB Bank
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