On the afternoon of 22 April 2021, the Faculty of Finance held the “40th Anniversary of City University of Macau Finance Seminar Series [18]: 2020/21 [China Life – Guangfa Bank Joint Lecture] Series (5)” at the Ho Yin Convention Centre. Mr Jiang Jian, General Manager of the Legal Compliance and Risk Management Department of China Life Insurance (Overseas) Company Limited Macau Branch, was invited as a guest speaker to share his views on “Compliance Management of Insurance Companies”. The seminar was attended by General Manager of the Comprehensive Management Department of China Life Insurance (Overseas) Company Limited Macau Branch Jin Ling, Deputy Director of the Banking Department of Guangfa Bank Macau Branch Leong Ka Man, and Dean Cheung Wai Kong and Associate Dean Khong Yueng Wah of the Faculty of Finance of CityU Macau. 

 

 

 

Mr Jiang explained the origin of “compliance” from regulations, rules and standards, and pointed out that the compliance system is the sum of a series of standards and processes that an enterprise needs to abide by and is composed of management system documents and processes at different levels. Compliance management is part of comprehensive risk management in insurance companies, which is also fundamental to maintaining effective internal control. He also drew on the companies with major compliance violations at home and abroad to illustrate the importance and seriousness of compliance, which is essential for business growth and survival. Mr Jiang analysed the benefits of compliance for enterprises’ management system restructuring, cultural reconstruction, international competitiveness enhancement, and compliance risk elimination. Furthermore, he introduced the trends and operating mechanism of compliance management, as well as how to cultivate a compliance management culture. He concluded that corporate compliance management is a dynamic process. Enterprises should focus on their actual situation and make timely adjustments and improvements in response to changes in internal and external environments while constantly inspecting their compliance management system. 

 

 

 

The students learned the key points and spirit of compliance management at the seminar and asked the guests about the implementation of compliance management and the formulation of relevant rules. This seminar was the fifth “China Life – Guangfa Bank Joint Lecture” held by the Faculty of Finance in celebration of the 40th anniversary of CityU Macau. Maintaining the University’s teaching philosophy of integrating enterprises, universities, and research institutions, the Faculty of Finance has been holding diversified activities in various forms for students and inviting domestic and overseas senior insurance industry executives as guests, in a bid to enhance students’ understanding of compliance management.