Shield | The post-COVID new normal

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THE post-COVID new normal
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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.
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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 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.
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.
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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.
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.
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THE 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.
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.
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THE 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.
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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
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CONTACT US
Phone Number
97235685587
E-mail Address
info_at_shieldfc.com
Website
www.shieldfc.com
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THANK YOU!