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While we are still in the extended Circuit Breaker period, which is anticipated to end on 1 June 2020, businesses and individuals may want to review their respective positions to ensure they are not missing out on the support measures that have been announced by the Singapore Government in the past few months.
More than three million people worldwide have been infected with COVID-19 and the number of confirmed cases in Singapore have crossed the 20,000 mark as at the beginning of May 2020. The circuit-breaker period has been extended to 1 June 2020 and tighter circuit breaker measures such as closing of more workplaces were also implemented to curb the spread.
As the impact of COVID-19 is felt across Singapore, we understand that you may have concerns about how it could affect your business and accessibility to our business banking services.
Recession, job losses among WEF's top worries
Commentary by: Nicodemus Tan, Partner, Governance & Risk 
The Covid-19 Risks Outlook report issued by the World Economic Forum (WEF) highlighted the key concerns by top risk professionals as prolonged recession, job losses, protectionism and another outbreak of infectious diseases. It also reported that cyber-attacks, data fraud, the breakdown of IT infrastructure, geopolitical disruptions and tighter curbs on the movement of people and goods are keeping senior leaders up at night.
While the ability to deal with risks have long been what sets great companies apart from the rest, there has never been such uncertainty as now. Leaders that are used to winning even when dealt a poor hand are no longer grappling with a poor hand but cards that are everchanging and unpredictable.
However, doing nothing while waiting for the pandemic or global recession to clear is a sure way to fall prey to Darwin’s Law and the key is to rally your organisation to continuously evolve and enhance its fundamental value proposition to the society.
“…A virus has taken away the luxury of planning. We can no longer wait for the right moment to time such reforms, but we can still make sure they are the right one…” – Ms Emilio Granados Franco, head of global risks and geopolitical agenda at WEF.
More details on the top worries reported by the World Economic Forum here:
https://www.straitstimes.com/world/recession-job-losses-among-wefs-top-worries
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