American Express Meetings & Events seeks to mitigate China risk

American Express Meetings & Events seeks to mitigate China risk

American Express Meetings & Events has launched an enhanced solution designed to help protect meetings organisers against risks relating to operating meetings and events in China.

The new solution is designed to maximise controls throughout the end-to-end meetings process.

It will help mitigate key risks associated with traditional meetings activity in China such as bribery, fraudulent activities and receipts, and third-party money funnelling.

Major fines and other penalties accrued by multinational organisations conducting meetings and events in China have attracted negative headlines in recent years.

It has resulted in some companies becoming reluctant to conduct any meetings activity in the country at all.

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American Express Meetings & Events’ enhanced solution for meetings in China provides support for both in-market clients, as well as other global clients who want to conduct inbound meetings in China, with the peace of mind to conduct high-value meetings activities while reducing exposure to risk.

Issa Jouaneh, senior vice president and general manager, American Express Meetings & Events, said: “China is one of the fastest growing economies in the world, and for most organisations, conducting business there has become a business necessity.

“Our enhanced meetings solution for China gives multinational companies the confidence to conduct meetings activity in a compliant manner.

“The development of this enhanced solution was driven by demand from both clients concerned about conducting meetings in China and others unsure if their existing core M&E activity in the country is compliant.

“This goes well beyond regulated industries – we expect financial services, mining and manufacturing clients, as well as pharmaceutical and health sciences clients, to also see value in our offering.”

American Express Meetings & Events enhanced solution for China provides an integrated technology solution that has a unique workflow for meetings in China, supporting a 360- degree compliance process and capturing comprehensive documentation throughout the process.

Itemised invoices and receipts, as well as supporting paperwork on client requests, approvals, and supplier engagements are captured, and enable cross-departmental communications to identify and address any perceived risks and as soon as possible.

An automated operations checklist also identifies any possible compliance blind spots. In addition, members of the American Express Meetings & Events team have a mandatory on-site presence at client events in China to further support and ensure meetings compliance.

The solution is supported by strict policies throughout the engagement including rules that limit high-risk activities such as cash payments or excessively luxurious activities.

Third- and fourth-party supplier screenings are also provided to help ensure compliance, as is compulsory due diligence prior to any engagement.