SINGAPORE, July 16, 2020 /PRNewswire/ — New research of CPA Australia has found financial institutions in the Asia Pacific region were inadequately prepared for a risk like the COVID-19 pandemic and must rethink how to be ready for key risks that may impact their critical operations and their risk management regimes.
The study into governance and sustainability found that only one in 50 banks disclosed a pandemic outbreak as a key risk to their business operations. Japan’s Sumitomo Mitsui Trust Holding was the only lender that had identified a pandemic risk and developed mitigation strategies such as business continuity plans. In the insurance space, just three of 50 insurers — AIA Group in Hong Kong, and Tokio Marine Holdings and MS&AD Holdings from Japan — had identified a pandemic outbreak as a key risk.
The findings are part of a new report, Banking on Governance, Insuring Sustainability, authored by academics from the National University of Singapore (NUS) Business School, and published by global professional accountancy organisation CPA Australia. The report studies the 50 largest listed banks and 50 largest listed insurance companies by market capitalisation from 15…
