Operational risks and supply chain issue

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The pandemic has shed the spotlight on supply chain issues across all industries, so what does that look like in financial services? This session will highlight the need for resilience and robust continuity planning.[vc_quotes layout=”accordion” 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title=”Moderator” el_class=””][vc_empty_space height=”10px”]

Key takeaways

Geoff

• We were ‘lucky’ to have had a fire in the London office three years ago which helped us prepare for the COVID-19 pandemic and WFH scenario.
• Backup planning has flaws, as illustrated by disaster recovery sites not being able to be used due to social distancing requirements.
• Cyber attacks have gone up significantly. The use of personal laptops is a point of vulnerability in the ecosystem.
• Resilience is expanding as a topic, shifting from making processes robust to challenging outsourced functions to mitigate interruptions to supply chains and business operations.
• Cyber threat is racing ahead of where the industry is at, however there are some cyber security quick wins e.g. keeping patching up to date and legitimate laptop identification.
• COVID-19 has shifted the mindset from ROI and headcount reduction to refining operating models and implementing technology and people initiatives to achieve that goal.

 Arjen

•  Due diligence on new service providers has taken on increased significance.
• Working is a social thing and people miss the physical interaction. Offices of the future will be where people meet, not where people work.

 April

•  Leveraged relationship with existing service providers during the pandemic peak to brainstorm how to continue business operations.
• COVID-19 has forced a seismic shift in due diligence innovation.
• Technology is critical but from an operational perspective people are enormously important, hence the need to focus on cultural and wellbeing initiatives.

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Poll results

Do you think your own organisation, and your service providers’ organisations are resilient enough to manage a significant cyber attack?[vc_line_chart x_values=”” values=”%5B%7B%22title%22%3A%22Yes%20(40%25)%22%2C%22y_values%22%3A%2240%22%2C%22color%22%3A%22blue%22%7D%2C%7B%22title%22%3A%22No%20(17%25)%22%2C%22y_values%22%3A%2217%22%2C%22color%22%3A%22pink%22%7D%2C%7B%22title%22%3A%22Maybe%20(43%25)%22%2C%22y_values%22%3A%2243%22%2C%22color%22%3A%22vista-blue%22%2C%22custom_color%22%3A%22%23f4524d%22%7D%5D”]