The Coronavirus (COVID-19) Pandemic: Important considerations for financial institutions in relation to business continuity management

20 Mar 2020 LegisWatch

On 11 March 2020, the World Health Organization (“WHO”) officially declared the outbreak of the coronavirus disease (“COVID-19”) to be a pandemic. In Singapore, the Disease Outbreak Response System Condition (“DORSCON”) Alert Level was raised from Yellow to Orange in February, in response to the outbreak.

With the raising of the DORSCON Alert Level to Orange, financial institutions (“FIs”) would have activated their business continuity plans (“BCPs”) to deal with the outbreak, as required by the business continuity management guidelines (“BCM Guidelines”) issued by the Monetary Authority of Singapore (“MAS”) in 2003. However, the pandemic situation is still evolving. Consequently, FIs will need to ensure that their business continuity management (“BCM”) programmes continue to remain relevant. Against this backdrop, this update briefly discusses some important considerations in relation to BCM that FIs should take note of, in light of COVID-19. If you would like information on this or any other area of law, you may wish to contact the partner at WongPartnership whom you normally work with or the following partner:

Elaine CHAN
Joint Head – Financial Services Regulatory Practice
d +65 6416 8010
Click here to see Elaine's CV.