As HSBC’s top internal auditor for Asia Pacific, Astor Law has a message to stoke the ambitions of female colleagues looking to make it to the top: try different things, figure out what you like, and then stick around.
‘Have the courage to try different areas of professions at the beginning of your career,’ she says. ‘Or at least get to know people from different industries so that you can decide which field will suit your long-term career development.’
‘Working as a team can allow you to achieve much more than as an individual’
Astor has worked in banking and related industries for almost 28 years. She learned at a young age to try out other roles and gain different exposures.
‘I always try to operate at the next level and take up additional responsibilities,’ she says, recalling that when she was an audit manager, if she had finished her assigned jobs she would help other teammates in order to pick up new skills. ‘Sometimes the areas were inter-related and we were able to understand the root cause of issues better,’ she says. ‘You gain more by contributing more.’
For Astor, teamwork has been a key part of her working life. ‘I love teamwork and enjoying interacting with people; it is one of my success factors when I look back my career,’ she says, adding that a favourite quote is ‘None of us is as smart as all of us’.
‘Working as a team can allow you to achieve much more than as an individual,’ she adds. ‘Being humble, collaborative and working hard will bring you the success in the long run.
CV
2017
HSBC: started out as regional head of commercial banking audit for Asia Pacific and head of North Asia audit, and became head of global internal audit for Asia Pacific in 2019
2005
Standard Chartered Bank: started out in group internal audit and finished as head of audit for global and commercial banking
Prior to 2005, Astor held various positions in external auditing and banking supervision at organisations including KPMG and the Hong Kong Monetary Authority
Audit evolves
Audit is her all-time passion. ‘Internal audit provides independent and objective assurance as to whether the design and operational effectiveness of the group’s framework for managing risk, control and governance processes as designed and represented by management is adequate.’
What she loves about internal audit work is that it allows her to understand how the bank operates in different markets and how its different departments perform. That, in turn, enables Astor to share best practices with management.
‘Internal audit has moved from just compliance to providing value-added opinions’
With the role of internal audit evolving over the past few years, best practice is also undergoing change. ‘The industry has transformed from being system-based checking compliance to being more risk-based and providing value-added opinions so we can provide more forward-looking insights to our stakeholders,’ she says.
Equally transformative for audit has been technology enablement. Astor says HSBC’s audit function has embraced data analytics and is working on process mining tools. ‘It is a big investment but worth it. It allows us to perform a detailed walk-through of key transaction cycles, following data fingerprints to identify potential control gaps.’
Risk rising
In an era of transformation, new challenges are also emerging. Astor points out that with political, regulatory and business landscapes all changing rapidly, ‘there are so many emerging risk areas accounting professionals need to be aware of, from financial risk to non-financial risk’.
She believes accountants must respond by constantly upskilling and gaining experience in areas such as climate change and sustainability, and identifying risk areas that matter. ‘We are also supporting audit staff to achieve relevant certification, and I encourage staff to attend courses organised by professional bodies,’ Astor says.
She sees the ACCA qualification as proof of professionalism and integrity, and critical to her current role. ACCA networking opportunities allow her to connect with accounting professionals in different fields, establishing trust with business partners.
‘We all need to know when to switch off’
A strong advocate of work-life balance as a way of coping with challenges at work, Astor avoids working during the weekend, prioritising spending time with family and friends as well as exercising instead. She also insists on breaks in between work meetings and having a proper lunch and dinner every day. ‘Staying healthy, both physically and mentally, is the key to success in your long-term career,’ she advises.
‘A career has ups and downs; we all face difficulties every day. We all need to know when to switch off the button and to have peace of mind before facing the next day’s challenge.’
Women leaders
‘I have been very lucky in my career,’ Astor says. ‘I received great mentorship and coaching from seniors throughout my career journey. Now I have become one of the senior leaders in the bank, I would like to do the same for our talents.’
According to HSBC, the representation of females in senior leadership roles at the bank has risen in each of the past five years, with 38% of regional leadership roles now held by women (the global figure is 35.5%). The bank also runs mentoring initiatives and senior leadership training for women, and has a programme to help women in mid-level roles progress. Astor herself has mentored staff and sponsored various women’s networking programmes.
‘We’ve seen examples of women leaders who have been strong but have shown empathy’
Astor believes people’s expectations and perceptions of female leaders have changed over the years. ‘Previously, there was an unwritten expectation that to get ahead as a woman, you needed to act like a man: be assertive, have a strong opinion, insert yourself into the conversation.’
But that stereotype is changing, she says, and it is more accepted that leadership now ‘encompasses so much more’. She explains: ‘We’ve seen recent global examples of women leaders who have been strong, but at the same time have shown empathy and been caring about people, which are all great qualities in leadership.’
