Dear valued Client and Partner,
With the increasing news and concern regarding the Coronavirus (“COVID-19”), MFEX would like to provide you with an update that we are monitoring the developing situation closely and have resources in place to provide you with continued service in any type of contingency situation. Our Disaster Recovery Plan is the backbone for this ability which we test and verify annually. Given the spread of the novel COVID-19 and its declaration by the World Health Organisation (“WHO”), as a public health emergency MFEX has taken actions to ensure the safety, health and well-being of our employees, clients, guests, suppliers and contractors. We will continue to follow updated information from the WHO regarding restricted travel as well as follow further instructions from local governments.
The steps we have taken at MFEX are: We are closely following the recommendations of the local and international health authorities - including those of the surrounding countries - and we are communicating on a regular basis with our teams.
Concretely, we have put in place the following steps:
Established a dedicated Crisis team to monitor the situation daily and we have provided an online portal for any questions.
Identified key personnel throughout key functions of our business who can be isolated to support our products and clients, which allows us to avoid exposure through face-to-face interaction within our locations.
Forbidding any business travels to countries with a high level of risk.
Reconsidering external meetings and participation to external events.
Proactively monitoring the developing situation and managing our staff members to stay healthy and keep your interests safeguarded. Most of our employees are fully able to operate from remote locations or at home. We have an online portal that enables employees in all offices to perform all functions as if they were at their office desktops. In certain countries, we have taken measures to request approximately 50% of our employees to work remotely. In this situation, for the small number of teams whose work requires a physical presence in an MFEX office, even for a short duration, we are taking steps to ensure that these functions will continue in their current location. We are of course discouraging, for the time being, unnecessary travel to countries with a high level of risk.
The use of automations and system integrations where possible to minimize human effort, and increase quick delivery of results to our clients, often without need for employee intervention, unless an exception requires review. We are monitoring the service levels from our providers and have not experienced any service degradation. We will maintain effective monitoring but expect no disruptions in their delivery that will affect MFEX’s Business as Usual.
We have Business Continuity Plans in place so we can assure that Business As Usual will continue. This includes staffing plans, remote working, availability of back-up sites, etc.Like today, and of utmost important to MFEX when we to have started to implement our business continuity plans (BCP) by deploying the means deemed necessary. Given that MFEX prides itself on being a technology company with a strong infrastructure that is tested regularly. At this time of uncertainty, we are staying vigilant with regard to the risks of fraud and computer security, insofar as malicious people seek to take advantage in such context, where finance players are focused above all on protection of their employees. We have sound controls in place for our suppliers and providers.
MFEX advises its clients and counterparties to act responsibly and apply similar measures in terms of travel and planned meetings or participation to event. Your relationship manager will maintain the same contact details, and remains reachable and available for any questions you would like answering. We will continue to monitor the news and any reports or requirements from the WHO and government announcements around the globe. Our focus, dedication, and support are unwavering as we navigate these unique times. We hope you and your loved ones remain safe and healthy.
Torben Munch CEO MFEX AB Stockholm