For individuals who intend to provide financial services in Singapore, it is worth taking into account that this industry requires fulfillment of numerous standards there. Especially, advanced financial risk management methods are implemented extensively. Usage of experienced risk management techniques allows to minimize financial loss and to keep profits high no matter how critical the situation gets. That is why advanced risk management is highly valued in Singapore’s financial market. We will now discuss what risks the business environment contains and find out what methods help conquer them.
Firstly, it is crucial to identify and measure risks in order to deal with them successfully. Mainly, the type of activity and the environment define the set of natural risks for each organization. Prior to managing risks, they must be identified and analyzed.
High-risk areas can be defined as:
For the successful start of financial business in Singapore it is important to conform to the formed high standards: not only set up a high-quality technology risk management but also ensure the protection of customer data, transactions, and the system itself by initiating a strong authentication.
Singapore-listed banks must follow the banking corporate governing rules. Approved exchanges, clearing centers, and holding partners are obliged to comply with corporate governance designed distinctively for them – Regulation on Securities and Futures.
Registration of a financial firm in Singapore inquires an attentive approach to internal audit. These are the key abilities required from internal auditors:
It is useful to know that the list of duties for directors of Singapore-registered companies is dictated by the Companies Act and the principles of the common law. The list consists of the following responsibilities:
Professionals at COREDO are here for your questions and requests about additional information on opening a financial services company in Singapore. Do not hesitate to contact us even if you are interested in another kind of business opening in this jurisdiction.