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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=”Speakers” el_class=””][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”]
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.
The COVID-19 crisis won’t have a lasting impact on climate change, but the response will—fiscal policymakers should thus aim to make the recovery green according to the IMF.
The Milken Institute is tracking the development of treatments and vaccines for COVID-19. There are currently more than 2.5 million confirmed cases globally, 114 treatments in consideration and 79 vaccines in development.
In this memo Bill Gates shares his views of how to accelerate global innovation, which is the key to limiting the damage to society and the economy. This includes innovations in testing, treatments, vaccines, and policies to limit the spread while minimizing the damage to economies and well-being.
This lecture by professors of economics at the London Business School looks at the science, health policies, economics and macroeconomic policies related to COVID-19.
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