He said enhancing compliance capabilities provides a competitive advantage and organisations also need to change their mindset towards compliance in order to retain talents.
Awang Adek said poor record keeping, a lack of trustworthy financial information, weak internal controls, and risk management failures stem from the absence of compliance, in which all of these were unfortunately present in the collapse of the cryptocurrency platform FTX. He noted that compliance also pushes companies to consider the needs and perspectives of diverse stakeholders and companies also could identify new opportunities by adopting a more holistic approach.
Therefore, he stressed that it is important for compliance personnel to receive proper training as well as adopt an open mindset to ensure businesses view them as valued long-term partners and not just a compliance function.