The financial industry (FI) is the pioneer in ERM and BCM history, commercially.
Most of the financial institutions – the banks, insurance, securities, stock exchange etc in the region have already establish their programs. The challenges financial institutions faced these days includes, not limited to, Anti-Money Laundering, Compliance, Cybersecurity, TVRA and meeting regulatory requirements. FI on one hand, required to acquire robust technology that hosted highly secured applications and meanwhile required to meet the ease of use for the users such as using mobile pay. The sprouting of Fintech companies, Cryptocurrency also pose as an opportunity and threat to the FIs.
BCP Asia's experience
Some of BCP Asia’s consultants started their career in the Financial industry – global banks. As an “insider” they know the structure and setup of the organisation and how it operates, locally, regionally or globally. Through the years, though there are changes to the industry, the core of the services such as front office, back office etc still remain.
Since inception, BCP Asia has run more than 30 projects for Financial industry, located in Singapore, Thailand, Hong Kong, China, Malaysia, Brunei, Indonesia and Saudi Arabia. FI is a mature industry for BCMS, thus the types of services and requirements by different service type or countries may differ. In a highly regulated environment, fast pace technology changes and the demand of clients for the ease of use of systems, how can FI assess their risks to fulfil the demands and needs of different stakeholders?
Contact us if you are keen to know more on how we put the ITDRP, BCMS and ERM program in place for the industry that aligns to best practices or leads to certification.