From 3 November (afternoon) to 4 November (all day), 2017, the 4th Global General Counsels and Business Leaders (Beijing) Forum was held in Beijing.
Around 300 legal professionals and business leaders attended the event, which was characterised by lively discussions on topics including political and economic trend and Macro-Economic situation after China’s 19th Party Congress, Enterprise data security management, Cyber security, Client information compliance management and etc.
PwC was proud to be one of the event sponsors and among the panel discussions. Eric Young, PwC China and Hong Kong Forensic Services Partner, said; “In the process of compliance and legal work, data analytics plays an important role to manage risks and Robotic Process Automation (RPA) to reduce human error and increase time efficiency as part of the digital transformation”.
Eric analysed current industry regulatory pain points, and introduced data analytics, machine learning and NLP (Natural Language Processing) can be used as powerful auditing tools applied to influential areas such as Financial Crime and Anti-Money Laundering (AML). Eric also mentioned the usage of advanced data analytics to enhance the overall efficiency of audit programs, while facilitating greater coverage of regulatory compliance.
Forensic Data Analytic Solutions
Additionally, Eric shared the key advantages in using Robotic Process Automation (RPA), and how PwC utilises RPA to automate the AML compliance process as example. He stressed these advanced technologies are allowing us to help clients by protecting data, cost saving, enhancing efficiency and accuracy, while also optimizing management operation and performance. PwC mainly delegates routine, repetitive work and the work that doesn’t require intuitive judgement to robots. The work that requires professional judgment and high technical skills are allocated to employees, who will be more strategic thinking rather than performing repetitive work.
At PwC, RPA is predominately applied to daily operations, which helps companies reduce costs, human error and enhancing efficiency. The increased usage of new technologies such as A.I. to improve business processes with increasingly effective audits.
PwC China and Hong Kong Forensic Services
PwC Forensic Services can help companies prevent, review, and remedy the issues companies are facing in China. Our highly qualified forensic services professionals from Hong Kong, Shanghai, and Beijing are equipped to provide our clients with tailored solutions and technical support throughout Asia. Exceptional knowledge and experience enable our professionals to use forensic technology solutions creatively to support auditing programs and improve efficiency.
During the Panel Discussion section, David Tiang, managing director at Tiang & Co.*, participated in a panel discussion on topic of “Challenges and Thoughts for Cyber Security and Data Compliance”.
* Tiang & Co. is associated with PwC Legal International Pte Ltd (a licensed Foreign Law Practice) in Singapore. Tiang & Co. is an independent law firm. Neither Tiang & Co. nor PwC Legal International Pte Ltd has any control over, or acts as an agent of, or assumes any liability for the acts or omissions of, the other.