2 May 2023 | Asia | Publications

NEWSLETTER: Operational resilience has not been far from mind for any of our international clients in recent years, and in Singapore we are very focused on the looming Business Continuity Management deadline of 6th June. Our feature below sets out which tasks are critical to be ready for the changes. We also encourage you to get in touch with the team to talk through your plans – especially if you are still at the earlier stages of conducting threat and risk assessments and planning BCM audits.

Over in Hong Kong, we are getting ready for Labour Day and Golden Week, but even in holiday season we need to keep on top of ongoing commitments. Firms with a December year end need to be mindful of the deadline at the end of this month for annual filings such as the Business and Risk Management Questionnaire (BRMQ). On this topic, we highlight below some important changes to the BRMQ which will be effective from next year. Some of the new questions are around contingency plans and operational disruptions / abrupt discontinuation of business. Like the Singapore MAS, the local Hong Kong regulators still have business continuity high on the priority list.

Again, with operational resilience in mind, our international updates this month look at the impact from a client assets perspective in the UK following the recent global banking failures and the latest US regulatory thinking on cyber security. We are all probably mindful of being prepared for the worst at the moment, but in the meantime this doesn’t stop us enjoying the uptick in business in the last few weeks across Singapore and Hong Kong.

Rebecca Thorpe
Chief Executive Officer