[vc_empty_space height=”10px”]
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” quotes=”%5B%7B%22name%22%3A%22Geoff%20Hodge%22%2C%22job_role%22%3A%22Founder%2C%20Milestone%20Group%20(Australia)%22%2C%22content%22%3A%22Geoff%20Hodge%20has%20more%20than%2020%20years%20of%20experience%20in%20investment%20and%20banking%20industries%2C%20with%20a%20specific%20focus%20on%20innovation%20and%20business%20enablement%20in%20operations%20and%20technology%20encompassing%20the%20Asia-Pacific%20region%2C%20Europe%20and%20North%20America.%20He%20was%20previously%20a%20board%20member%20and%20director%20of%20Rothschild%20Australia%20Asset%20Management%20and%20has%20held%20senior%20roles%20in%20treasury%20and%20capital%20markets%2C%20funds%20management%2C%20custody%2C%20payments%2C%20and%20investment%20banking%20operations.%22%2C%22image%22%3A%2231905%22%2C%22linkedin%22%3A%22https%3A%2F%2Fwww.linkedin.com%2Fin%2Fgeoff-hodge-7aab54%2F%22%7D%2C%7B%22name%22%3A%22Arjen%20Pasma%22%2C%22job_role%22%3A%22Chief%20risk%20officer%2C%20investments%2C%20PGGM%20(The%20Netherlands)%22%2C%22content%22%3A%22Arjen%20Pasma%20is%20a%20board%20member%20of%20PGGM%20Investment%20Management%20and%20PGGM%20Treasury%20and%20a%20member%20of%20the%20investment%20committee.%20He%20has%20more%20than%2020%20years%20of%20investment%20experience.%20From%202008-12%2C%20he%20was%20the%20investment%20management%20and%20pensions%20practice%20leader%20of%20Deloitte%20in%20the%20Netherlands%20and%20director%20in%20the%20financial%20risk%20management%20team.%20He%20has%20worked%20with%20investment%20managers%2C%20private%20banks%20and%20pension%20funds%20in%20assignments%20on%20risk%20management%2C%20investment%20consulting%2C%20risk%20governance%2C%20quantitative%20analyses%20and%20model%20validation.%20From%201997-2008%2C%20he%20fulfilled%20several%20roles%20within%20ABN%20AMRO%20Asset%20Management%20as%20senior%20portfolio%20manager%20and%20head%20of%20quantitative%20equity%20management%2C%20risk%20manager%20and%20part%20of%20the%20management%20team%20equity%20management.%20Pasma%20studied%20econometrics%20at%20the%20Rijksuniversiteit%20Groningen%2C%20specialising%20in%20investment%20management%20and%20behavioural%20finance.%20He%20is%20a%20CFA%20charterholder.%22%2C%22image%22%3A%2231906%22%2C%22linkedin%22%3A%22https%3A%2F%2Fwww.linkedin.com%2Fin%2Farjenpasma%2F%22%7D%2C%7B%22name%22%3A%22April%20Wilcox%22%2C%22job_role%22%3A%22Director%20of%20investment%20operations%2C%20CalSTRS%20(United%20States)%22%2C%22content%22%3A%22April%20Wilcox%20is%20the%20director%20of%20investment%20operations%20for%20California%20State%20Teachers%E2%80%99%20Retirement%20System%20(CalSTRS)%2C%20the%20largest%20educator-only%20pension%20fund%20in%20the%20world%20with%20an%20investment%20portfolio%20valued%20at%20%24228%20billion.%20Wilcox%20has%20over%2015%20years%20of%20professional%20front%2C%20middle%2C%20and%20back%20office%20experience%20in%20the%20investment%20industry.%20She%20joined%20CalSTRS%20in%202004%20from%20California%20Housing%20Finance%20Agency.%20Prior%20to%20managing%20investment%20operations%2C%20she%20spent%20five%20years%20in%20fixed%20income%2C%20overseeing%20the%20fixed%20income%20opportunistic%20portfolio.%20Wilcox%20obtained%20a%20B.S.%20in%20Finance%20from%20California%20State%20University%2C%20Sacramento%3B%20awarded%20the%20Investment%20Foundations%20certificate%20by%20CFA%20Institute%3B%20and%20holds%20the%20Chartered%20Alternative%20Investment%20Analyst%20(CAIA)%20designation.%22%2C%22image%22%3A%2231907%22%2C%22linkedin%22%3A%22https%3A%2F%2Fwww.linkedin.com%2Fin%2Fapril-wilcox%2F%22%7D%5D” title=”Speakers” el_class=””][vc_quotes layout=”accordion” quotes=”%5B%7B%22name%22%3A%22Amanda%20White%22%2C%22job_role%22%3A%22Director%20of%20institutional%20content%2C%20Conexus%20Financial%20(Australia)%22%2C%22content%22%3A%22Amanda%20White%20is%20responsible%20for%20the%20content%20across%20all%20Conexus%20Financial%E2%80%99s%20institutional%20media%20and%20events.%20In%20addition%20to%20being%20the%20editor%20of%20Top1000funds.com%2C%20she%20is%20responsible%20for%20directing%20the%20global%20bi-annual%20Fiduciary%20Investors%20Symposium%20which%20challenges%20global%20investors%20on%20investment%20best%20practice%20and%20aims%20to%20place%20the%20responsibilities%20of%20investors%20in%20wider%20societal%2C%20and%20political%20contexts.%20She%20holds%20a%20Bachelor%20of%20Economics%20and%20a%20Masters%20of%20Art%20in%20Journalism%20and%20has%20been%20an%20investment%20journalist%20for%20more%20than%2025%20years.%20She%20is%20currently%20a%20fellow%20in%20the%20Finance%20Leaders%20Fellowship%20at%20the%20Aspen%20Institute.%20The%20two-year%20program%20seeks%20to%20develop%20the%20next%20generation%20of%20responsible%2C%20community-spirited%20leaders%20in%20the%20global%20finance%20industry.%22%2C%22image%22%3A%2231872%22%2C%22linkedin%22%3A%22https%3A%2F%2Fwww.linkedin.com%2Fin%2Famanda-white-101a7515%2F%22%7D%5D” 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.
[vc_empty_space height=”10px”]
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”]
The Florida State Board of Administration has made some strategic moves to take advantage of opportunities in the dislocation, including in private equity, distressed debt and active listed equities.. But CIO, Ash Williams, is concerned about the underlying real economy.
This research studies the interaction between economic decisions and epidemics. The model implies that people’s decision to cut back on consumption and work reduces the severity of the epidemic, as measured by total deaths. These decisions exacerbate the size of the recession caused by the epidemic.
The global economic shutdown triggered by COVID-19 has put the North American private debt industry to its first major test. What lessons can be learned from the global financial crisis that are relevant today? What lessons are emerging as a result of COVID-19? And how might the industry evolve?
The global economy is projected to contract sharply by –3 per cent in 2020, much worse than during the 2008–09 financial crisis. In a baseline scenario--which assumes that the pandemic fades in the second half of 2020 and containment efforts can be gradually unwound—the global economy is projected to grow by 5.8 percent in 2021 as economic activity normalises, helped by policy support. The risks for even more severe outcomes, however, are substantial.
The PRI is working with signatories to further develop thinking on what the COVID-19 crisis means for investors. It is establishing two signatory participation groups to coordinate and develop investor responses, focusing on short term responses, and a future economic recovery phase.
This OECD note provides illustrative estimates of the initial direct impact of shutdowns, based on an analysis of sectoral output and consumption patterns across countries and an assumption of common effects within each sector and spending category in all countries.
Leave a Comment
You must be logged in to post a comment.
Login