Download This PaperCovid-19 and the Operational Resilience of Hong Kong's Financial Services Industry: Preliminary Considerations from the 2020-2021 Experience
47 Pages Posted: 9 Nov 2022 Last revised: 9 Jan 2023
Date Written: June 1, 2022
Abstract
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.
Suggested Citation: Suggested Citation
