COVID-19: Insights
Below we share our expertise and experience, with advice on protecting teams, ensuring business continuity, supporting organisations during difficult times, and more.
With the recent global outbreak of the coronavirus disease known as COVID-19, many business entities face possible significant disruption in their operations. The outbreak is not only a major threat to public health but also a considerable economic affliction.
There have been numerous social and business measures implemented to enable Singapore’s business and residential community to get back on track as soon as possible.
It is well known that the COVID-19 pandemic has been challenging for all businesses, regardless of which sector and region. Companies have to go back to the drawing board just to think of strategies to survive, let alone strive. This has in turn, affected how businesses go about mergers and acquisitions (M&A). In certain cases, some M&A transactions are no longer a viable option.
Covid-19 has made one thing very clear: international travel should not be taken for granted. In the global economy as we used to know it, businesses and individuals mastered the ability to ignore borders when doing business. International travel had become a normal part of our daily lives. The upside of being able to work in any location, meet clients face-to-face, would weigh up against the downside...
We have surveyed private equity firms and investors to understand the challenges, level of optimism and response strategies as a result of the Covid-19 crisis.
Retailers around the world have found themselves bearing the commercial brunt of Covid-19 as shops closed and shoppers stayed home. Consumer-focused retailers and high-street mainstays have been forced into administration, clothing and electronic stores have been shut for months in some parts of the world, and while supermarkets have seen food sales increase, sales of non-food items have fallen. Business...
Fallout from Covid-19 has underlined society’s expectation of businesses to combine commercial priorities with wider social considerations. While some companies have risen to the occasion – taking bold steps to protect their people and supply chains, for example – others have missed the mark and faced public criticism.
The COVID-19 pandemic has affected all types of organisations including financial institutions. Yet, financial services are one of the essential services exempted from the suspension of activities at workplace premises and continue to operate, albeit with reduced staffing. This means, there will be less resources at the main controlling functions for financial institutions including trading control...
Planning for a transitionary period for the next six to twelve months COVID-19 is the most widespread and significant health and financial crisis in recent human history. Disruption to the banking sector is broad-based with observed impacts including; changes to working patterns, changes in customer behaviors, changes to partner / supplier dynamics and direct impacts on profit and loss accounts....
This paper has been created to better enable Heads of Internal Audit to assess the key risks, redefine priorities and prepare for the future.
In the wake of the COVID-19 outbreak, the Singapore Government has implemented various measures to assist the enterprises in Singapore as well as providing for individuals impacted in the following budgets:
As the Covid-19 crisis continues, it’s becoming increasingly clear that the challenges for privately owned business are going to last longer, and cut deeper, than anyone anticipated.
The COVID-19 pandemic is a constantly evolving global health crisis that is creating a huge range of challenges for individuals and businesses around the world. As governments take unprecedented action to prevent the spread of the virus, businesses are facing an ever-more complex environment to operate within.
On 13 April 2020, the COVID-19 (Temporary Measures) (Alternative Arrangements for Meetings for Companies, Variable Capital Companies, Business Trusts, Unit Trusts and Debenture Holders) Order 2020 (the “Order”) was issued. The Order prescribes the alternative arrangements for the conduct of general meetings. The alternative arrangements apply to meetings convened, held, conducted or deferred during...
The current pandemic is having far reaching consequences across all aspects of society. Compared to other industries the impact on the credit card industry is relatively mild and from a customer perspective the value of on-demand liquidity is now clearer than ever. However, there will be significant impacts on industry profitability. Reduced international travel will severely impact foreign currency...
Mazars in Singapore has developed a financial advisory taskforce which can assist your firm in the context of the Covid-19 outbreak and its consequences on your business environment. Whether you are a Singaporean entity, or an international entity active in Singapore, our advisors proposes tailor-made solutions to support you in the following areas, contributing to the resilience, protection and continuity...
The social distancing measures announced around the world recently have resulted in most organisations setting up remote working for staff. This new way of working has caused disruption to the conventional operations of companies and increases cyber security risks. The following are seven solutions to implement to minimise the cyber risks and vulnerabilities of remote working.
Deputy Prime Minister Heng Swee Keat has today on the 26th March 2020, in addition to the Unity Budget presented on 18 February 2020, announced an additional set of measures known as Singapore’s Resilience Budget. This supplementary budget is valued at S$48.4 billion. It is intended as a bulwark and provides support measures to taxpayers and citizens against the brutal impact from the global coronavirus...
Extended periods of volatile economic and market conditions have been shown to reduce M&A activity. As the coronavirus disease 2019 (or Covid-19) plagues the world, sectors such as manufacturing, tourism, energy, retail and transport are hit hard by the loss of revenue.
The economic impact of Covid-19 has affected all businesses regardless of which sector they are in. It is clear that this pandemic has detrimental effects on cash flow and requires businesses to take immediate action; others are at a stage where it is essential to adopt contingency plans for a economic downturn. With ongoing support and advice from the Mazars Consulting team, we will help you mitigate...
The COVID-19 situation is requiring a significant amount of collaboration, analysis, problem solving and responsiveness at a domestic and international level given the constantly unfolding situation. This approach is exactly the approach that needs to be adopted by business as well. The purpose of risk management and business continuity planning is to identify potential business risks and prepare...
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