It's time now to look at the new compliance normal and requirements were relaxed at the onset of the pandemic. checkout this presentation to know about the new compliance normal and post covid new normal and visit this blog here: https://bit.ly/3l4qh08
2. 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.
Introduction
3. 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 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.
4. One 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 industry’s 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 people’s homes.”
5. 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 into a
sustainable cadence and workflow that enabled
the standardization of regulatory practices.
Development training and departmental meetings,
although mostly virtual.
6. 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.
The Regulations
7. 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.