ANDY ARMANINO TO SUCCEED RICHARD MOORE AS MOORE GLOBAL CHAIRMAN

After 15 years as Chairman of the leading international accountancy and consulting network, Moore Stephens International, now Moore Global, Richard Moore today announced his decision to step down at the end of 2019. 

Andy Armanino will succeed Richard as Chairman of Moore Global from 1 January 2020. Andy is currently a member of Moore Global’s board and until 1 January 2019 was CEO and Managing Partner of Armanino LLP.

Due diligence by external consultants plays a crucial role in merger & acquisitions

On 4 July 2019, the SFC of Hong Kong issued the “Statement on the Conduct and Duties of Directors when Considering Corporate Acquisitions or Disposals”, reiterating the importance of independent professional valuations in relation to the fiduciary duties of the directors of public companies in their planned acquisitions or disposals. The authority particularly points out the importance of due diligence, which is an area that many valuation practitioners in Hong Kong do not possess the relevant expertise nor resources to advise and work on.

Building cyber resilience among insurers

With technology advancement, there are more and more digital insurers. Though digitalisation helps insurers increase efficiency and enhances customers experience, cyber threats must be anticipated.  
 
The cyber insurance market is still far from mature. What should the regulators do? What role can insurance play in addressing cyber risks?

How cyber security breaches impact personal data protection in particular in relation to the European Union General Data Protection Regulation (GDPR) on Hong Kong businesses

The news of cyber security breaches come waves after waves. Cathay Pacific leaks information consist of passengers’ names, nationalities, dates of birth, travel document numbers and historical travel details. The hacking of Marriott’s Starwood reservation system exposes data of up to 500 million guests. Just over a week ago, Hong Kong credit reporting agency TransUnion was forced to suspend its online services over unauthorised access of personal credit information.
 
Hong Kong business has largely ignored the EU General Data Protection Regulation (GDPR) that replaced the preceding data protection laws in all European Union (EU) countries on 25 May 2018. The potential impact of GDPR on Hong Kong business with ineffective cyber security measures could be severe.
 

Two-tiered profits tax rates regime

On 29 March 2018, the Inland Revenue (Amendment) (No.3) Ordinance 2018 was gazetted to implement the two-tiered profits tax rates regime proposed by the Chief Executive. The two-tiered profits tax rates regime applies to both corporations and unincorporated businesses in any year of assessment commencing on or after 1 April 2018.

How IFRS 17 affects Hong Kong insurers

This new IFRS Standard for insurance contracts which are aimed at helping investors and others better understand insurers’ risk exposure, profitability and financial position. IFRS 17 replaces IFRS 4 and will be effective from 1 January 2021.

New global CEO appointed

We’re delighted to announce that Anton Colella has been appointed as Moore Stephens International’s new global Chief Executive Officer following a worldwide search.
 
Anton Colella is currently global Chief Executive of the Institute of Chartered Accountants of Scotland (ICAS).
 

Challenge to CFOs and CUOs: Maximising technology to benefit insurance business

Both CUOs and the CFOs are fully aware of the potential benefits that technology can bring to the business. It’s clearly not rocket science but what might surprise many is that whole technology may well deliver benefits to specific task both believe where technology can really deliver benefit is creating far greater integration across the business and with it the ability to better understand the bigger picture and with it enhance their own abilities to contribute to the bottom line.

New Asian hub will drive distribution efficiency

RuleBook HUB Asia is a Cloud-based solution that allows insurers to load their insurance products, enabling them to be accessed by authorised external parties. It provides a centralised and secure place for carriers to share products and rating with their distribution partners whilst giving coverholders the ability to access multiple carrier products by integrating into just one platform.

Moore Stephens announces global RuleBook partnership alongside Asia launch

Moore Stephens Consulting and NTT DATA UK have concluded an agreement to provide a comprehensive international service set to underwriters and brokers in the London and global insurance markets. NTT DATA is a leading IT services provider and global innovation partner headquartered in Tokyo, with business operations in over 40 countries. This will enable Moore Stephens Consulting to implement, roll out geographically and support clients on a global basis.