The spread of COVID-19 (Coronavirus) continues with a growing number of financial institutions encouraging employees to work from home in order to reduce the impact of the virus on their own business and society in general.
On 4th March 2020, the FCA released a statement making it clear that it expects firms to have contingency plans in place to prepare for and manage the business risk arising from the COVID-19 situation.
The FCA stressed that firms must take all reasonable steps to meet their regulatory obligations, including giving staff access to the compliance support they need.
As the situation develops daily, with governments and organisations across the world taking varied approaches to manage the spread of the virus, some organisations are better prepared than others. This may be due to insightful business continuity planning, or due to the investment in technology that enables firms to operate, wherever their employees are. We have seen in several jurisdictions, action taken by government to force nationwide shut down. This means that employees cannot travel work, if their business operates within a non-essential service area.
Short-term and isolated remote working is usually manageable, but prolonged and scaled periods of remote working can lead to financial services firms failing to meet their regulatory obligations. Timely review and approval of employee and corporate conflicts; management of incidents, breaches or complaints; delivery of compliance assurance programmes; and regulatory reporting schedules are all amongst the day to day regulatory requirements that could suffer as a result of a long-term disruption.
Using Technology to Ensure Resilient Compliance
Companies that have invested in compliance technology that allows the Compliance function, employees and senior management to meet their regulatory requirements are better prepared for the inevitable shut-down that governments are likely to impose. Business continuity planning is all about firms being prepared for stress scenarios, and the use of technology over contingent real estate is the best solution during this current scenario.
Financial markets are volatile, which brings about risk and investment opportunity. Many firms we have spoken with are experiencing increased volume of personal trading as employees look to benefit from the downturn in markets. The timely nature of personal trading approvals requires a robust and responsive system that the Compliance function can access and control remotely.
CCL CORE is a secure cloud-based compliance software solution that brings a firm’s compliance universe into one accessible location for all employees. Whether working at your desk, at home, or from any location with connectivity, you and your employees can seamlessly continue to access the systems and processes that help you comply with your regulatory obligations. Senior management and the compliance team can have oversight and control over compliance activity, wherever employees may be. CCL CORE is used by our clients as a BAU compliance solution, so when significant disruption events strike, your business is always ready.
CCL CORE effectively manages and controls:
- Oversight of Compliance Activity
- Compliance Monitoring
- SM&CR Requirements
- Financial Promotion Review and Approvals
- Complaints, Breaches and Incident Management
- Gifts and Entertainment Approvals
- Personal Account Dealing Approvals
- Conflicts of Interest Management
- Policy and Procedures
- Regulatory Filings Activity
- Regulatory Liaison
CCL are experienced in setting up and deploying our platform remotely, including providing all the training and support you need. We can deploy your platform quickly and efficiently, so that your business can continue to operate in a controlled manner, within the boundaries of regulations.