Member Article

Covid-19 and operational resilience - Boards and senior management should be leading the way

The outbreak of Covid-19 has presented UK financial firms with the biggest operational resilience challenge in recent years. As confirmed cases continue to grow worldwide and the global economy is increasingly disrupted, the financial services sector has had to prove their resilience plans more rapidly and more extensively than previously expected.

Financial institutions are under increasing pressure to demonstrate that their approach to building operational resilience will enable them to recover quickly and effectively from Covid-19 and any future unexpected situation.

According to the latest Bishopsgate Financial Change Perspective 2020 report, this year operational resilience is featuring more in regulators’ demands. The UK’s fastest-growing consultancy speaks to industry leaders at the forefront of change, including COOs, CIOs, and Heads of Change and senior programme managers from over 50 prominent financial institutions in the UK.

While there is a risk to many businesses’ outlooks, the pandemic has also elicited altruism, innovation and collaboration from multiple corners of the UK’s business community, worthy of celebration. For many organisations however, the operational challenges are not so grand but no less pressing.

The move to 100% home working has been a subtle shift for the more agile organisations. But for companies yet to invest in mobile IT equipment, or unable to do so due to the nature of their operation, it has been more disruptive.

Mike Hampson, Founder & CEO of Bishopsgate Financial says:

“We are in a crisis and the pandemic has accelerated a number of trends from the focus of regulators on operational resilience, empower and provide workplace flexibility. Leaders are focusing on keeping their teams’ morale up, investing in upskilling and are preparing for a return to a new-normality later in 2020. They know that they have to be in great organisational shape to cope with the post-Corona world.”

While stringent regulatory standards are crucial, so too is reinforcing personal resilience. Employee well-being should remain a priority for firms during this difficult time, and commitment to staff is vital.

According to the Change Perspective 2020 report Employee wellbeing is high on the agenda of banks and the finance sector as 77% of organisations identify employee wellbeing as a key change priority.

The report showed a broad range of topics being recognised in this area, with organisations finding ever-increasing ways to support their people. Mental health and stress at work can manifest itself in a number of ways. By broadening the conversation to talk openly about both work-related stress and personal life events, organisations are seeking to provide a more supportive environment for their people. What’s more, it’s an acknowledgement of the performance benefits a healthy workforce can bring.

This was posted in Bdaily's Members' News section by Bishopsgate Financial .