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 Jeremy Arnold, Chief Risk Officer, NatWest Markets
In what ways do you think organizations have had to become more resilient to COVID-19?
Organizations generally moved swiftly to adjust their ways of working to ensure that appropriate supervision was maintained. What it showed is that firms are resilient, but it also showed that traditional BCP ideas need to be adapted, with costly recovery centres potentially no longer needed. Many firms will have had ‘pandemic’ on their risk radar, but very few, if any, will have constructed the scenarios that were similar to how things actually played out. Now things are calming down and we all start to think about returning to the new normal, firms should look at what went well and what could be improved with respect to their resilience. We are all now far more dependent upon our colleagues’ home set-ups, so an outage from a broadband provider, for example, could have a significant impact on a firm’s ability to be resilient.