New regulatory paper: Addressing the Regulatory and Risk Management Issues of Remote Working

Conditions for all businesses have been challenging over the past year. The global pandemic has put financial services companies under pressure to act quickly and effectively while maintaining high standards of compliance and risk management.

Evolving needs

Adapting to a new remote working norm can only increase the risks of meeting industry compliance. In recognition of this, the Monetary Authority of Singapore and Association of Banks in Singapore Return to Field Task Force have jointly issued a regulatory paper on managing the potential risks associated with the remote working arrangements adopted by financial institutions (FIs) during the COVID-19 pandemic.

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Outlining key issues

Titled, Risk Management and Operational Resilience in a Remote Working Environment, the paper outlines the potential issues for companies. It aims to raise awareness of key remote working challenges in the financial sector and share good practices to mitigate these. However, it is also designed to apply to remote working beyond the pandemic and covers two main areas: risks to FIs’ operations and impact on people and culture.

It addresses a range of topics, including:

• Outsourcing and other third-party arrangements
• Business continuity management
• Information governance
• Cybersecurity
• Fraud
• Legal and regulatory risks
• Organisational culture and conduct.

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Prepare for change

Comprehensive and clearly set out, this is an insightful report which provides a valuable overview of the main issues to consider. There is little doubt that companies in all sectors around the world will have to adapt their working practices beyond the pandemic. Resources such as the new report can help them to stay prepared.

Remote working is likely to form part of many organisations’ approach going forward. Yet doing so will inevitably present a number of challenges and risks for companies in Singapore and elsewhere. Alongside useful resources like Risk Management and Operational Resilience in a Remote Working Environment, accessing specialist advice can ensure that FIs continue to thrive in the new normal.

The full report can be accessed here.

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