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By Adam Turteltaub
There are a number of challenges to managing compliance programs in Asia: With dozens of countries and thousands of languages, one size does not fit all. There is tremendous diversity in cultures. Some countries are common law and others are civil law societies. Governments have different priorities for enforcement.
But compliance officers can’t just throw up their hands, nor do they need to, says Jimmy Chatsuthiphan, who spent several years working in compliance in Asia before returning to the US. He is currently serving as Director of Global Compliance Investigations for Panasonic Avionics Corporation. The risks are substantial and can be managed, he tells us. Plus, several countries in the Asia-Pacific region are known for having very clean business environments.
As importantly, there are a large number of managers in the business units who are already familiar with compliance concepts. As a result, it is not always an uphill battle.
Success, he tells us in the podcast, does, though, require having someone on the ground in the region. It is too large an area, with too great a time zone difference, to be managed remotely.
What else works well in Asia? Speaking to themes like karma and the importance of doing things right, even when no one is watching. Likewise speaking about not disappointing your family, either your family at home or your “work family.” Try also, he advises, citing incidents that have affected the company or competitors. And, of course, having strong financial controls and third-party vetting.
Listen in to learn more about these issues, the changing regulatory environment – compliance programs are being recognized more – and tips for conducting internal investigations.