18 March 2020

Novel coronavirus: Customer support and our action plan

The ongoing global outbreak of Covid-19 (or Novel Coronavirus) has changed the way we live, work and do business. At HSBC, we understand that these are challenging times for your business. Therefore, we are committed to helping you and your business in this difficult and uncertain time with extensive support and banking assistance, even as you work remotely.

OUR BUSINESS IS RESILIENT

We are constantly monitoring our teams across businesses and functions and meet regularly to assess the global and situation and to manage local issues regarding the safety of our employees and the resilience of our businesses. We continue to take steps to protect our employees, clients and businesses based on recommendations from relevant authorities. Here are some steps which we’ve taken to ensure optimal business continuity for you and your business.

 

Implemented work arrangements

Our clients depend on us and we are committed to being there to help them during these unpredictable times. To do so, we have implemented plans for people to work from different locations, including primary and secondary locations, while others may be asked to work remotely. Our alternate work arrangements are intended to further balance and diversify our workforce by location in an effort to provide continuity over an extended period of time if required.

 

Remote capabilities

We have tested and prepared remote capabilities where applicable, allowing many employees to do their jobs away from their office. Our remote access capabilities allow employees to access systems and information that are available at their office locations. We have also invested heavily in our digital client channels to facilitate client activities and self-service functions.

 

Tested resiliency capabilities

We regularly plan and exercise against various events and coordinate closely with regulators, vendors and industry parties, among others, as we strive for seamless and consistent execution. Our Client Service team has various means to answer inquiries, whether through service representatives at multiple call centers, through email or other digital channels.

 

Communications, awareness and proactivity

Our employees are provided regular updates and have access to online company resources that include regularly updated information along with policies and processes to help them manage through this period. We have also enhanced hygiene measures across all our sites.

 

Enhanced digital support

To help you with your business continuity work environment which may become virtual, or where conventional paper flow is not possible, you can take advantage of HSBC’s digital tools, such as our HSBCnet platform.

 

You can prepare your business to combat this better as well. As you find ways to keep your employees safe and your business operating, here are five suggestions you can consider:

  1. Look after employees and their families
    • In an effort to halt contagion, a business continuity plan which supports remote working, should be in place.
    • Consider technology to enable communication, such as video conferencing, through company or personal computers.
    • Communicate with staff and keep them updated.
  2. Review your supply chain
    • Unearth hidden dependencies within the supply chain. Identify your suppliers’ supply source down to component level and understand who your customers sell onto
    • Undertake a risk assessment of contractual commitments and potential use of clauses relating to unforeseeable circumstances, by you or by your buyers and suppliers.
    • Identify and connect with alternative supply options, right down to the component level.
  3. Logistics and distribution
    • Enforced office or factory closures and disruption to transport services – including roads, ports and loading facilities – could impact goods being delivered and documents being processed on time.
    • Map your dependencies, ensure you have visibility and a plan for disruptions – for example, using air freight in the event shipping is restricted.
    • Anticipate disruption to service providers – from legal services to customs checks.
    • Consider implications right across your operations – from sourcing to production to distribution.
  4. Build resilience
    • Replicate this exercise to plan for other potential disruptions – such as natural disasters, political instability or cyber-attacks.
    • Develop response protocols and internal chains of command for each scenario.
    • Contingency planning for different scenarios will stand any business in good stead.
  5. Manage financial risks
    • Prepare for changes in market conditions including demand, price, and foreign exchange volatility.
    • Stress test your working capital, as flows of goods and services are interrupted and consider any support you may offer your suppliers.
    • Where necessary, build your inventory selectively and consider insurance requirements if interruptions occur.
    • Speak to your bank about immediate support and building resilience against potential disruption.

 

Moratorium package for wholesale banking business borrowers:

​HSBC India has a Board approved policy for implementing the recent announcement made by Reserve Bank of India (RBI) on 22 May 2020 to extend Covid-19 relief measures to its eligible customers. For further details please click here (PDF,838KB)

 

How we can help further

We are here to support you and your business, please do not hesitate to contact us or speak to your Relationship Manager. For more information to keep yourself updated, please visit the links below.

 

Links to advisories and GOI portals.

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