Business Alive and Well in China: SARS Doesn't Stop This Virginia Company
From April to June of 2003, China faced a crisis of epidemic proportions. The outbreak of SARS forced the cancellation of untold numbers of business meetings, conferences, trade shows, and seminars. Many U.S. companies felt helpless in their efforts to help the people of China, not to mention conduct business. However, the Association for Investment Management and Research (AIMR), in cooperation with the U.S. Commercial Service in Beijing, managed to succeed in finding a Chinese partner even in these most trying of times.
AIMR is an international nonprofit organization of more than 61,000 investment practitioners and educators in over 100 countries. AIMR's mission is to serve its members and investors as a global leader in educating and examining investment managers and analysts and sustaining high standards of professional conduct. AIMR administers the Chartered Financial Analyst (CFA) exam annually in more than 70 nations worldwide. The CFA program is a globally recognized standard for measuring the competence and integrity of financial analysts and its candidates are typically well-educated professionals in the banking industry. AIMR's membership also includes 127 local societies and chapters in 47 countries. AIMR has offices in Charlottesville, Virginia, USA, as well as Hong Kong and London, UK.
However, AIMR did not have a presence in China. In order to conduct the CFA exam in Beijing in an appropriate manner consistent with both Chinese laws and AIMR's rules, AIMR sought a local Chinese partner in Beijing. Therefore, AIMR approached the CS Beijing office for assistance.
Recognizing the need for their services in China, in January 2003, Nancy Dudley, Vice President of Exam Administration and Security of AIMR, visited Beijing and met with the Commercial staff of the U.S. Commercial Service at the U.S. Embassy (CS Beijing). Ms. Dudley was provided a thorough market briefing and explanation of services provided by the Commercial Service. Ms. Dudley quickly decided to participate in the Gold Key Service (GKS), a program designed to put a U.S. company in direct contact, via face-to-face one-on-one meetings with interested Chinese partners.
However, due to the SARS outbreak in April, AIMR was forced to cancel their GKS visit to Beijing. Recognizing the potential detrimental effect SARS could have on US companies doing business in China, CS Beijing quickly implemented a plan to offer comprehensive video services to US clients. In this initial case, in order to continue the proposed interviews, CS Beijing worked with the Commercial Services district office in Richmond, VA and with AIMR in substituting actual face-to-face meetings with video meetings. After explaining the logistics of the video format and the benefits of video to all parties involved, all parties reached a consensus regarding the new video format.
On April 14 and 15, five Chinese organizations came to the CS Beijing office for videoconference interviews with AIMR. After all the interviews were completed, Nancy Dudley, Vice President, Exam Administration & Security for AIMR commented, "The interviews were a great success and the videoconferences were the absolute best alternative to in-person interviews. We could not have arranged to meet with such qualified groups without the help of the U.S. Commercial Service."
Even during the peak of the SARS crises in Beijing, through the video-GKS, AIMR was able to select a Chinese partner from the five candidates, and sign a partnership agreement. Based on their success in Beijing, AIMR plans to work with the Commercial Service office in Richmond, VA to access other markets on similar video GKS services.
This is an excellent example of an American company working with the Commercial Service to launch new business in China even when the SARS travel advisory prevented them from traveling to Beijing.
AIMR sets the highest standards for investment professionals worldwide through, among other activities, its Code of Ethics and Standards of Professional Conduct to which all CFA charter holders and other AIMR members - as well as all CFA candidates - commit to adhere. In addition, AIMR is internationally renowned for its leadership in developing Global Investment Performance Standards (GIPS), establishing the global Investment Performance Council, and for developing AIMR-PPS standards, which, like GIPS, investment firms use to document and report investment results. More information on AIMR and its programs and services is available by visiting www.aimr.org.