The Coronavirus COVID-19 pandemic is the catalyst for organisations to reassess their operational effectiveness while dealing with the new risks and challenges that the remote working environment has created. In our view, firms should now review all aspects of their operating model as the technological advances and the proliferation of technologies creates previously inconceivable opportunities.
For once, ‘paradigm shift’ is no overstatement: the events of 2020 have shown financial markets and institutions several things:
- the surprising ability of business operations to continue, despite concerns around staff working remotely;
- the significant acceleration of technological advances, with new solutions emerging in a short timeframe; and
- the emergence of new, and variations to existing risks, all of which will continue to need to be managed.
New working arrangements caused institutions to take a hard look at their operating models, to ensure their suitability in a fragmented working environment and to incorporate controls to counter the changing risks of this environment. Remote working and accelerated technological advancements and risk are all here to stay.
This paper outlines the key priorities firms should address in response, across the business. And while this paper is not technology-focused, there is no doubt that technology will be an integral part of many solutions.
Key areas of focus
We may all agree that business operations should be as efficient and cost-effective as possible. But under-investment in infrastructure and the ‘layering’ of fixes, rather than substantive change, has created a modern-day Rubik’s cube: new and emerging ‘workplace of the future’ risks and challenges are resurfacing and adding to the already extant need to review business processes and controls…
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