American Express (Amex) Meetings & Events has announced the rollout of its enhanced solutions that offer meetings organisers in China “maximised control” with a 360- degree compliance process.
This encompasses a comprehensive documentation process that takes into account itemised invoices and receipts, supporting paperwork on client requests, approvals, and supplier engagements for a more efficient cross-departmental communications to identify and address any perceived risks, according to a statement released by Amex Meetings & Events.
Other risk mitigation measures include an automated operations checklist that allows for identification of any compliance blind spots. Amex Meetings & Events said its team would also be present to provide on-site support.
Bribery, fraudulent activities and receipts, as well as third-party money funnelling are often cited as risks which lead to reluctance in the take-up of meeting activities in China.
However, Amex Meetings & Events said its solutions are bound by third- and fourth-party supplier screenings and strict policies that limit high-risk activities such as cash payments or excessively luxurious activities.
“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,” said Issa Jouaneh, senior vice president and general manager, Amex Meetings & Events.
“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.”
Jouaneh emphasised that conducting business meetings in China has become a necessity for most organisations given that it is one of the fastest growing economies in the world.