Compliance teams and individuals who made the transition to remote work possible will be the first to go on Day 1 of the new normal. Read the PDF or visit us at https://bit.ly/3717YlC
1. The Post-
COVID New
Normal
Shield
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.
2. We do not know what’s next – but we
do know that financial services and
efforts to keep moving our
economies forward will continue, in
whatever form. The big question is,
what will regulatory compliance,
financial responsibility and the
industry look like on Day 1 of the
post-COVID new compliance normal?
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.
In Europe, the story is a little different. In France, Germany, Italy
and Spain, office buildings are once again operating, albeit at
about three-quarters occupancy.
The office
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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.
3. The Regulations
The Future
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.
https://www.shieldfc.com/
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. Federal and state agencies initially allowed compliance
workers to catch up with the overnight shift to telework, giving
officers time to come to terms with new policies, how to
interpret them, enact them and abide by them. It took time, but
financial firms showed their resilience and compliance officers
demonstrated their creativity.