The IIA released its Three Lines Model in July 2020 as an update to the highly-regarded Three Lines of Defence Model promulgated in 2013. Many practitioners either love it or hate it, while others (including this author) vacillate between the two states.
Businesses currently find themselves in unchartered waters as the Covid-19 pandemic situation continues to persist. Even historically profitable businesses are not spared as supply chains globally are disrupted and the future looks bleak. In particular, small and medium enterprises (“SMEs”) have been hit hard. The SBF-Experian SME Index^, which tracks business sentiment specifically for SMEs in Singapore for the next six months, fell from 50.4 in Jan 2020 to 48.3 in April 2020, reaching an all-time low since the establishment of the index in 2009*. To navigate uncertain times, it is crucial for SMEs to review their existing business plans and cash flow forecasts which may be obsolete given the disruption caused by Covid-19.
Malaysia’s Companies Act 2016 came into effect on 31 January 2017 with the purpose of simplifying the business process in Malaysia, thus enabling companies to set up and operate with greater efficiency. Furthermore, the Act will help strengthen corporate governance, refine existing laws and reduce compliance costs.
Budget 2016 spells out the direction the Singapore government is steering in, to transform industries and the economy to be more global and innovative. Companies should, likewise, make changes. Baker Tilly TFW charts the waters ahead.
Opportunities abound for foreigners, especially members of the ASEAN Economic Community (AEC), to participate in the growth of Indonesia.