Disaster recovery for Asian firms' treasury operations explored A new report from Greenwich Associates presents the findings of research, based on interviews with more than 1,500 Asian corporate finance executives conducted before the tsunami struck South Asia last year. This research reveals a lack of preparedness for a major catastrophic event within the treasury departments of large Asian corporations. (Note: The interviews pertained to disaster recovery plans within the treasury function and did not cover preparedness within general corporate operations.) The Greenwich Report also examines the competition between Asia's local banks and global players competing in the region, and presents the results of Greenwich Associates' newest research on the compensation levels of Asian corporate finance professionals. Disaster recovery plans Across Asia, companies in Taiwan and Hong Kong appear to be the best prepared for a potential disaster, with about 70 percent of corporations in these countries reporting to Greenwich Associates that they have a formal treasury recovery plan in place. By contrast, none of the Chinese companies interviewed by Greenwich had established a disaster recovery plan, and more than half of companies in India and Singapore lack such preparations. "Disaster recovery plans vary in terms of comprehensiveness and complexity, from the simplest elements like the statement of responsibility, to sophisticated and costly measures like [hot] satellite sites and systems back-ups," says Greenwich Associates’ consultant Allan Munro. "In light of the many threats that exist in the world today, we find it a matter of real concern that so many companies in Asia have not taken even the most basic steps to prepare for a disaster, such as creating a phone list to facilitate communication among staff in the event of a major disruption." Contact David Deschenes at ddeschenes@greenwich.com for more information.
•Date: 22nd June 2005 • Region: Various • Type:
Article •Topic:
Financial sector |
