The evolving COVID-19 pandemic is having a widespread impact on many individuals, families, and communities.
For our clients, it's a question of how do we pull everything together; whether it is external suppliers, impact on technology, monitoring cyber security, ensuring our workforce are prepared to work remotely and safeguarding key assets. This is a real test of crisis management and resilience.
Some of the key considerations that Risk & Compliance teams should consider include updating their governance framework and applying across including a single accountable body at an appropriate level. There should be minimum requirements and controls clearly documented and communicated including operational functions and third-party relationships.
Once the governance framework has been established, an updated assurance framework should be executed to monitor compliance across key business units and escalate priority exceptions should be implemented and reviewed periodically. Reducing the likelihood of disruption to critical services is key along with an appropriate response and recovery plan.
As we track how this fluid COVID-19 situation evolves, I wanted to share a new article on the implications for banking and capital markets institutions.