The views and opinions expressed in this article are those of the thought leader as an individual, and are not attributed to CeFPro or any particular organization.
By Soren Agergaard Andersen, Chief Risk Officer, Nordea Asset Management
In what ways do you think organizations have had to become more resilient to COVID-19?
The COVID-19 crisis situation has had an enormous effect. In the span of a very short timeframe, many businesses had to take huge measures to accommodate to a new reality where, among other things, colleagues were prevented from coming into the office and, where possible, had to conduct their work from home.
All good business continuity plans can manage this in the short term, but with the crisis continuing for over a year, it is no longer just a temporary crisis, but a new normal. As a result, organizations have had to become more resilient in general.
Some firms have proven very ready for this situation. They have been used to remote working and have processes and procedures, as well as a culture, that supports a scattered workforce. Others have struggled much more and have had to expeditiously accept risks which they wouldn’t under normal circumstances.
Solutions for providing remote access to critical infrastructure have been established. The strength of processes and controls have been tested and improved if needed. The dependence on third-party vendors has been further highlighted. Risk management has had to increase and develop its capabilities around IT risk, technology, information and security. The business has been further trained and educated in IT security, awareness, etc. And all in all, the pandemic outbreak has served as an excellent chance to live-test and improve business continuity plans. If the plans did not have sufficient quality before, they certainly should have now, and with the potential of a more decentralized workforce the impact from catastrophes, pandemics, and such, is much lower.