This report explores the business continuity triumphs and challenges of fund managers during the Covid-19 crisis. It covers the importance of flexibility and automation in cloud tech, how BCPs are expected to change, and more collaborative ways of working
The 'Business Continuity in Focus 2020 ' special report comprises four separate articles listed below, these can be read individually or as a sequence.
By A Paris – Business continuity plans are not generally lauded and many are often relegated to a proverbial dusty shelf while still remaining an important element of a business. The Covid-19 crisis has however thrown fund manager BCPs into the foreground and put them to the ultimate test. This baptism of fire has also caused some to re-evaluate their mode of working, with flexible working options, less travel and more video conferencing likely to form part of firms’ modus operandi going forward.
The flexibility of a digital platform is its single biggest advantage, but it also represents its greatest risk because if not configured correctly, it can be a huge security concern. Automating the configuration of a cloud platform can help mitigate this and strengthen the security posture of a firm’s digital roadmap.
The idea that everyone would be working from home for an extended period of time was never truly contemplated in business continuity plans. But this is now expected to change in reaction to the current crisis. The experience over the past two months has taught the investment management business that, with the right tools, working from home can be an essential, and perhaps more practical and cost effective, element of BCPs going forward.
The sudden and forced shift to remote working has served as an impetus for firms to transform their operations. Primarily, it has enabled the rise of more collaborative working methods, some of which will hopefully be embedded in future ways of working.