Title: Know The New Compliance Normal From Shield
1THE POST-COVID NEW NORMAL
2Introduction
Weve 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.
3The 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 Yorks 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.
4One financial firm, Schroders, in fund
management, has recently taken a bold leap in its
declaration that work-from-home will be the new
normal with only occasional in-office gatherings
required. This is an approach that meets workers
new preferences spot-on. By the time that Day 1
of the new normal arrives, we predict that
Schroders will be in the majority and heralded
as the leader of the financial industrys
permanent shift to remote working. Schroders
CEO, Peter Harrison, said, 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
peoples homes.
5The 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
into a sustainable cadence and workflow that
enabled the standardization of regulatory
practices. Development training and departmental
meetings, although mostly virtual.
6The Regulations
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.
7The Future
Financial firms are the stewards of our economy
when they falter and post strings of losses,
there is a pronounced ripple effect. Heres
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.
8Contact Us
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9Thank You!