Trust key to regulatory refresh

A UK and Hong Kong (SAR), China dual-listed bank with most of its operations in China faced some new challenges from a US-based regulator. The bank needed support in drafting a response to the regulator and in addressing the regulatory concerns through a well-informed change program. At every step, rebuilding trust needed to be factored in for the bank itself, its stakeholders, and of course, the regulators. 

The bank engaged KPMG in the US for this project, thanks to KPMG’s deep data and insights-driven approach. KPMG in the US leveraged internally developed data practices, target operating models, and graph technology to accelerate the support it could deliver. KPMG also delivered strengths in reporting capabilities, as well as awareness of global privacy, legal and risk requirements.

In addition to technical expertise, transparency was key to the US firm’s approach. KPMG had several conversations with the client regarding the reality of their regulatory challenges, with this honesty building a strong relationship of trust.  

KPMG invested in bringing a team on location with the bank, with the team’s subject matter expertise and industry insights highly valued by the client. KPMG in the US also engaged specialists from across KPMG’s global network with the aim of ensuring that the right expertise was on hand. Thanks to these foundations of expertise and trust, the bank has repositioned its regulatory approach, gained trust with its stakeholders, and is well positioned to manage its risk and regulatory compliance for the future.