The COVID-19 pandemic has necessitated a profound shift in working patterns for business, controls and operational staff. Through the first wave of crisis response, banks have been exposed to the full range of non-financial risks and have generally found that technology, processes and controls have stood up well in maintaining the operational risk control environment.
From a strategic perspective, it is already clear that institutions will not return to historical ways of working. The implications of pandemic risk are now better understood and operating models will be expected to cope with those risks. It is likely that remote and distributed working will be a significant feature of the organisation, and conduct - both control over misconduct and the support and drive of ‘good’ conduct, will need to be addressed.
Remote and distributed teams can be high performing and productive. Both technology and management behaviour help drive this. However, if remote working is to become embedded and fully optimised in the operating model, individuals need an increasingly strong understanding of where they fit and why they are doing the things they are doing. They need to have a clear understanding and alignment to the purpose of the organisation.
UK financial services consulting leader, PwC United Kingdom
Tel: +44 (0)207 804 5717
Partner, PwC United Kingdom
Tel: +44(0)20 780 43473
Director, PwC United Kingdom
Tel: +44 (0)7483 416733
Director, Conduct and Controls, PwC United Kingdom
Tel: +44 (0)7701 296416