It is undeniable that performing compliance responsibilities is demanding. It was demanding prior to the pandemic and has become even more so in light of the current global environment. Regulators and business leaders acknowledge that high standards are required of the compliance function, from reporting, risk mitigation, advisory to the advocacy of promoting compliance culture against the backdrop of increasingly complex product innovations, misconduct and a digitally sophisticated but disruptive environment.

In the first roundtable of the Compliance Professional Series Part 3 capstone programme `Roundtable on Compliance 2021’ – we listened to how the different parties in the capital market ecosystem, from the regulators to intermediaries, have reacted to ensure the maintenance of a fair, efficient and transparent market while mitigating systemic risks, amid the challenging economic environment and volatile market conditions. The focus areas include continued market digitalisation and prioritising the strengthening of corporate governance and compliance culture in the capital market to uphold standards of governance and accountability. As the regulatory authorities heightened market oversight and engagements, market participants were required to maintain operational resilience and continuity with an eye on cyber security risks and take the opportunity to ensure digital transformation.

All this culminates in the need for the roundtable to determine strategies to accelerate upskilling of capital market employees, including in matters of compliance, and deliberate on how the new normal provides the industry with the opportunity to reshape the future of compliance.