THE POST-COVID NEW NORMAL
Introduction 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.
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.
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.”
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.
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. 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 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.
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