Funds Management

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Recovery Procedure: Funds Management

• WHAT
  • Funds Management

Plan Development Template: Recovery Procedure Page 1 Copyright @ GMH Pte Ltd

Pre-Crisis

• HOW
  • Set up database on bank info such as account numbers, contact person and numbers, letter format for fund transfer, loan draw down, fixed deposits, and bank summary working file in diskette.
  • Ensure maintenance on bi-annual basis to be kept in a shared folder.
  • Back up data daily in the shared folder.

Recovery & Resumption

Within T+4 hours

• HOW
  • Reconstruct the bank summary worksheet capturing transactions from corporate banking only.
  • Source for alternative facsimile machine and telephone equipment.
  • Contact banks to fax bank statements via alternative fax number.
  • Estimate collections from postal services, Locked boxes, Credit Card automatic fund transfer based on knowledge based on past trends.
  • Estimate urgent payments to be disbursed via telegraphic transfers or cheque. This is mainly for vendors who supply on Cash-on-delivery (COD) basis.
  • Determine fund requirement: loan or fixed deposit.
  • Call banks for loan/fixed deposit rates if required.
  • Confirm loan/fixed deposit amount verbally and the rate and then follow up by letter.
  • Prepare & print fund transfer, loan draw down or fixed deposit letters for signature according to the authority limit set in the resolution paper.
  • Fax the fund transfer, loan draw down or fixed deposit letter to various banks before 2 pm.
  • Follow up by calling the banks of the facsimile.
  • Send the original copy of the fund transfer, loan drawn down and fixed deposit, stamped for confirmation, to the mailing room. Copies are then filed for retention.
  • Contact vendors to restore the Dial Up Software.
  • Notify Bank on the changes of facsimile and telephone number.
  • Contact banks to fax bank statements via alternative fax number.
  • Verify prior day transactions in the bank statement and investigate discrepancy if any.
  • Contact the overall in charge of customer service centers , Retail Shops, Credit Card automatic fund transfer for an estimation of the day collections.
  • Collate and summarize collections from the following source: Lock boxes, Customer Care Service Center, Retail Shops, Corporate Sales, Credit Card Giro and Giro.
  • Collate and summarize major approved payments to be disbursed via telegraphic transfer or cheque.
  • Determine fund requirement for loan or fixed deposit.
  • Call banks for loan/fixed deposit rates if required.
  • Confirm loan/fixed deposit amount verbally and the rate and then follow up by letter.
  • Prepare and print fund transfer, loan draw down or fixed deposit letters for signature according to the authority limit set in the resolution paper.
  • Fax the fund transfer, loan draw down or fixed deposit letter to various banks before 2 pm.
  • Follow up by calling the banks of the facsimile.
  • Send the original copy of the fund transfer, loan drawn down and fixed deposit, stamped for confirmation, to the mailing room. Copies are then filed for retention.

Plan Development Template: Recovery Procedure Page 2 Copyright @ GMH Pte Ltd

Restoration

• WHAT
  • Capex Control
  • AOP & 5-year business plan/reforecast
  • Financial Analysis and Evaluation
  • Internal reporting
  • External reporting
• HOW
  • Reconstruct the worksheets required for the above – capex control, AOP and business plan/reforecast, internal and external reporting.