Erschienen in:Hong Kong Institute for Monetary and Financial Research (HKIMR) Research Paper AR ; No. 2/2022
Umfang:
1 Online-Ressource (47 p)
Sprache:
Englisch
DOI:
10.2139/ssrn.4269753
Identifikator:
Entstehung:
Anmerkungen:
Nach Informationen von SSRN wurde die ursprüngliche Fassung des Dokuments June 1, 2022 erstellt
Beschreibung:
In view of the COVID-19 pandemic and its disruptions on businesses and individuals, this report looks at the experience of the years 2020-2021 to understand how the financial services industry in Hong Kong has maintained operational resilience during different phases of the pandemic. With the views of local financial institutions gathered through a survey and interviews, commissioned by the HKIMR in July 2021, the report discusses the measures implemented across sectors of the financial services industry to mitigate the impact of the pandemic. For example, 85% of the survey respondents stated that they had incorporated pandemic scenarios in their business continuity plans before the pandemic. In addition, hybrid work models have also been adopted by financial institutions. The report also investigates the critical role of external enhancers, including policy support, financial and data infrastructure and the accelerated adoption of financial innovations, in enhancing financial institutions’ operational resilience. The report is concluded by providing some preliminary considerations on how financial institutions can maintain and enhance the operational resilience should similar disruptive events occur in the future