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Business Continuity Planning
In accordance with guidelines issued by the Monetary
Authority of Singapore, the Manager has developed a
plan with the support of corporate risk specialists from
MBL, to address the impact of any major disruption
to its business and operations. Key areas such as IT,
finance, regulatory compliance, vital record storage and
recovery are addressed, to ensure smooth continuation
of the Manager’s and the Property Manager’s essential
business operations, in the event of major disruption
or contingency.
Operational Risk Self Assessments (“ORSA”)
The Manager has developed an ORSA protocol to
ensure a regular and considered review and assessment
of the internal processes which have been implemented
under the RMF. The Manager therefore periodically
conducts ORSA to assess the key risks and controls
identified. This process also ensures that adequate
resources are allocated to mitigate these risks.
Risk Reporting
The Manager actively assesses and manages legal and
compliance risks for MMP REIT. Such risks may arise
in each of the various jurisdictions which MMP REIT
has assets located in, with the application of different
laws and regulatory requirements, the enforceability
of counterparty obligations and/or in the process of
appropriately documenting all contractual agreements.
Quarterly reports are made to the Manager’s Audit
Committee (on an exceptions basis), and the Board and
the Trustee are regularly updated on all such matters.
New Property Management System
With MMP REIT’s expansion beyond Singapore
shores, implementation of a new property management
platform that can be replicated across multiple
properties in different countries was set in motion in
2007. The Yardi property management system, besides
being scalable, provides a strong platform that will form
the backbone of property management by integrating
the various functions including accounting, leasing,
marketing and operations.
The browser-based property management programme
is widely used by property managers, third party
managers, asset managers, fund managers, principal
investors and owners with commercial properties in 14
countries across Europe and 11 countries in Asia. From
a single data source, we are now able to create reports
in their local language, managing Generally Accepted
Accounting Principles (GAAP), Good & Services Tax
(GST) regulations, indexation, currency and language
restrictions across multiple countries.
MANAGEMENT
INFORMATION
SYSTEM
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