The biggest piece I’ve taken on board throughout the time I’ve been working at home is the technology that I have had at my disposal to do my job. This may not sound like it’s ground-breaking news to you as it’s a fairly obvious statement. But just take a moment to think about it. Take away some of the key tech that you have employed during this time like a solid Wi-Fi connection, a laptop that works, a mobile phone, video conferencing… I’m guessing the majority of office based workers would be up a creek without just one of these!
Now expand that thought process to your business, but instead think about the things you wish you had in order to make your work life at home that much easier and more robust – even more so than it could be if you were still in the office!
Being able to maintain client relationships, operational procedures, and specifically in the insurance and financial world oversight of all of your business relationships should be the core function of continuing to allow your business to thrive. Uncertainty as to whether companies will survive this period is still at the forefront of businesses minds – but there are several ways that technology can assist in making sure that you stay on top of these core functions notably maintaining and enhancing your understanding as to the financial and regulatory performance of your partner/client firms.
Do they remain authorised in the activities that you require them for?
Are they struggling to file company accounts on time?
Is their credit rating taking a hit?
Are they looking for investment from overseas and does this interest fall in line with sanctions checks on those looking to become a (majority) shareholder?
How do you quickly and simply change your Terms of Business with all of your counterparties and how is this process managed securely and efficiently?
If you cannot answer or react to these seemingly simple questions quickly and efficiently, what implications could that present for your internal control and compliance functions? Regulators are taking a keen look at how companies continue to operate whilst personnel are dispersed across the country, and even as we move out of the stringent lockdown that has gripped us, can you afford to continue with the “old way” of manual process to ensure you meet the criteria, not only from a regulatory perspective, but probably more importantly from a business one.
We must all do our utmost to embrace the changes needed to continue to operate smarter and more efficiently, and this starts with streamlining and enhancing core operational procedures.
Like it or not, the way we work or even need to work has changed. These last few months have shown us that businesses are more fragile than we could have ever possibly imagined and we all need to embrace this change now if it hasn’t already been done to ensure survival. Believe me, I know how that last sentence reads… very post-apocalyptic! Now think of the companies that haven’t survived and what it means for the people who used to work for them…
Are you prepared for change?