Recently, workplaces and entire industries worldwide have undergone radical change as a response to the outbreak of COVID-19. Pandemic precautions affect a majority of financial institutions, from global universal banks to local private banks and other providers of investment services.
Transitioning work from local and interpersonal to remote and digital, many organisations will have to redefine “business as usual” to ensure continuity and compliance going forward.
At Apiax, we are techies at heart with a legal and compliance DNA. That means that we trust the capabilities of technology and acknowledge its central role in making organisations lean and resilient.
Lately, we have seen broader industry endorsement as financial institutions aim to keep their compliance units operational when team availability is becoming challenging.
We have identified two vital measures that promote business continuity of regulatory compliance in times of crisis and change:
First of all, organisations require tools to digitise compliance knowledge. Text-based compliance resources such as manuals and written policies make limited use in the digital workplace and accessibility is poor.
Secondly, compliance departments need to share know-how seamlessly and independently of team availability — especially with business stakeholders whose commercial activities may otherwise impose risk.
Internal stability during external uncertainty helps ensure compliance and responsiveness to business opportunities, even when today’s journey looks different from yesterday’s. In times of a global pandemic, that stability involves seamless digital collaboration across all business units, powered by the right enabling technology.
Despite entering out of the blue, one single event can become a defining moment to entire industries worldwide. Adjusting to change today shapes the future of key processes and best practices. Right now, the financial industry sees digital transformation across all business departments, including legal & compliance.
Business processes enabled with digital compliance requirements will help organisations better adapt to unforeseen events, may it be client preference, business opportunity or keeping business steady through a worldwide pandemic.