The document discusses how the post-COVID "new normal" may change various aspects of society and business. It predicts that more people will work remotely from home rather than in offices. Compliance regulations may become more stringent to prevent financial criminals from exploiting the pandemic. Technology will continue to help compliance officers do their work remotely. In the future, businesses need to automate compliance systems using technology to reduce human error and oversight.
2. We’ve already entered the era of the “new
normal” here in the midst of COVID, but
one has to wonder how things will change
on the first day after the pandemic is
officially declared “over” with the dawn of
a new, new normal.
We all know that the scourge of the novel
coronavirus formally began on March 11, 2020
when the World Health Organization declared it
as such. However, none of us can accurately
predict when it will be over.
3. THE OFFICE
Office buildings have more than a few vacancies these
days. Large cities such as London, New York City and other
financial epicenters have been particularly hard hit… New
York’s largest tenants, like Google, WeWork and JP
Morgan, are MIA, and the upper class is now fleeing the
confines of dense living for the suburbs.
The contract between society and business has changed
forever. The office will become a convening place
where you get teams together, but the work will be
done in people’s homes.
4. THE TECHNOLOGY
Operational resilience has been on full display and reached
new heights in the wake of the pandemic.
Knowledge sharing amongst compliance officers, made possible by technology, evolved
to a sustainable cadence and workflow that enabled standardization of regulatory
practices. Development training and departmental meetings, although mostly virtual,
have allowed compliance officers to rise to the challenge of telework. Technology itself,
buoyed by advances such as artificial intelligence, has enabled compliance officers to
move beyond basic lexicon analysis of e-Communications and enabled simultaneous
multi-lingual interpretation and assessment of conversational nuance.
5. Although reporting requirements were relaxed at the onset of the
pandemic, upholding compliance measures that thwart, identify and
halt market abuse has been an unwavering constant.
THE REGULATIONS
Financial criminals have demonstrated themselves to
be equally creative and have cleverly masterminded
COVID-based phishing scams and other illegal
measures to circumvent accepted financial practices.
By Day 1 of the post-COVID new normal, market
abusers will be on pause, regrouping to craft new
schemes that bypass even more stringent compliance
regulations. That is, at least until financial criminals
come up with new schemes that bypass detection.
6. Financial firms are the stewards of our economy;
when they falter and post strings of losses, there is
a pronounced ripple effect.
Here’s where things become ironic. Compliance teams,
bloated though they are for many firms, were the saviors
of many banks and, indeed, many economies, because
they figured out how to stabilize remote work when it
was unexpectedly thrust upon the world back in March.
THE FUTURE
7. As stated by CUBE in April 2020, compliance is not going away.
It may change forms, but it remains essential as a critical
business function, “Now, more than ever, businesses should be
looking at ways to automate their compliance systems and
implement smart, technological solutions that reduce human