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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 regulatory and risk management.

Adapting to a new remote working norm

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.

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
• Organizational culture and conduct.

This insightful report is comprehensive and clearly outlines the main issues to consider. Companies in all sectors worldwide will undoubtedly need 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 organizations’ approaches going forward. Yet doing so will inevitably present a number of challenges and risks for companies in Singapore and elsewhere. Alongside useful resources like regulatory and risk management, accessing specialist advice can help FIs thrive in the new normal. Operational resilience in a remote working environment is also crucial for continued success.

The full report can be accessed here.

At PayCompliance, we have 18 years’ experience of supporting the success of payment institutions across 6 countries. Our comprehensive product range includes consulting, financial auditing and licensing services.

For more information go to: Paycompliance.com