American Express Meetings & Events has launched a new, enhanced solution designed to help protect meetings organisers against the risks involved in holding events in China.
According to American Express Meetings & Events, a division of American Express Global Business Travel, the solution will help mitigate risks such as bribery, fraudulent activities and receipts, as well as third-party money funnelling.
News headlines have highlighted the danger to companies, with multi-national organisations conducting meetings in China hit by major fines and other penalties. American Express Meetings & Events claims this has made some firms reluctant to hold events in the country.
The new solution provides support for both in-market clients and global companies looking to conduct in-bound meetings in China. It provides an integrated technology solution that supports a 360-degree compliance process and captures comprehensive documentation throughout the planning process.
Users will have access to itemised invoices and receipts, as well as supporting paperwork on client requests, approvals and supplier engagements. This enables cross-departmental communications to identify and address any perceived risks as soon as possible.
Meanwhile, an automated checklist identifies any possible compliance blind spots. Members of the American Express Meetings & Events team will also have a mandatory on-site presence at client events in China to offer further support.
The solution is supported by strict policies throughout the process, including rules that limit high-risk actions such as cash payments or ‘excessively luxurious’ activities. It also provides a third and fourth-party screening process to ensure compliance, as well as compulsory due diligence prior to engagement.
Issa Jouneh, senior vice president and general manager of 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.”