Increased regulation is a reality no market player can avoid or afford to ignore. And meeting this challenge with an open mind and proactive approach does not have to be costly and counterproductive.
'Businesses should take a more proactive stance and embrace this challenge as an opportunity for upgrading themselves,' said Paul Kan Man-lok, chairman of Champion Technology Holdings.
Champion is a global supplier of IT solutions for a wide range of applications.
'We use our compliance exercises for internal re-engineering. By improving our systems and processes we strive to raise operational efficiency and productivity, and reduce our reliance on manual handling.'
The benefits from such a positive approach help counter the increasing pressure of compliance, which can undermine morale and create internal suspicion by subjecting staff conduct and behaviour to scrutiny, potentially impairing a company's competitive edge and profitability, and increasing the burden of responsibility on chief executives and chief financial officers.
'Maintaining a balance between compliance and staying competitive is a tall order. But because compliance is a global trend and we have no choice but to oblige, we believe the earlier we comply the better,' he said.
Because Champion had a wide range of IT solutions, it faced regulatory governance on different fronts, Mr Kan said.
