Webinar platform: Cisco Webex
Award: 2 ethics CPE points
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Whistleblowing mechanism is now mandatory requirement in listed companies, but it is not yet a mandatory requirement in non-listed companies or financial institutions in Hong Kong. As observers or outsiders grab their popcorn to enjoy the show, many have attributed this phenomenon to simply having more crimes or misconduct to report. Without proper case management and the right expertise in handling these incidents, many even believe that whistleblowing system is a waste of time and resources, pessimists go further by saying that crimes will happen anyway.
Based on the latest data released by the ACFE, a typical fraud case normally goes undetected for 12 months within an organization. Amongst these fraud cases, 58% of internal fraud was detected by either whistleblowing or tipping. Rather than increasing criminal activity, an effective whistleblowing mechanism can be seen as an increase of employees’ awareness in financial crime or misconduct and at the same time they are more willing to speak up, hence a stronger and healthier corporate culture can be achieved.
This webinar will focus on what makes a whistleblowing system effective and how such system can effectively facilitate a strong organizational culture.
Samuel Lung, Partner, Financial Services Business Consulting, EY
Samuel Lung is a Partner of EY, leading financial crime compliance practice. He provides professional advices to the financial institutions in Hong Kong and Greater Bay Area covering almost all types of risk including his expertise in AML, KYC, anti-fraud as well as sanctions compliance and drives FCC transformation in the financial sector through regtech. Prior to joining EY, he held senior management roles in different financial institutions including the chief operating officer and deputy chief executive for Commerzbank AG Hong Kong Branch and also key compliance roles in Citibank (Head of Retail Banking Fraud Ops), Credit Suisse (Head of AML) and HSBC (Director of Compliance), where he was responsible for managing governance, regulatory and financial crime compliance advisory, regulatory filings and handling regulatory onsite and offsite reviews, etc..
He is a member of the Hong Kong Academy of Finance and the deputy president of CPA Australia Greater China Division. He is sitting in the Advisory Board of the Association of Blockchain Compliance Professionals and he also sat in the Board of Trustees in the International Association of Gaming Advisors. For pro bono work, he is a guest lecturer of the LLM programme in Compliance and Regulations in the University of Hong Kong since 2019.
In recent years, he is developing new business areas in Fintech and Regtech in addition to the traditional compliance work