By Ralph Fatigate Executive Managing Director, ACG Risk & Compliance
Over the past several months, we have experienced a tremendous amount of changes in how we live and how we conduct business. The financial industry has been forced to adapt to the evolving demands and challenges facing us all during these turbulent times.
Some of these challenges include, supervising employees remotely, employee productivity in a remote environment, behavior patterns, customer security, technology changes, and continued regulatory compliance and budget constraints.
With significant changes in some financial institution operations, it is paramount that banks provide specific direction and education regarding the new normal. Because of these unusual times Banks should seek advice from their regulators when in doubt regarding the regulatory expectations. Financial institutions might want to look toward new and innovative technology that perhaps can assist them with unexpected changes to their operation.
Now it is time to think outside the box!!! We probably will not be seeing large industry gatherings such as conferences and trade shows which limits networking with counterparts in the industry, but the dialogue must continue, it will help to share what is working and what is not working.
We are now seeing numerous small and large businesses closing their doors which will continue to add to the negative effects on our economy. We can look at the financial crisis’ in the past but unfortunately, we may be facing largest financial challenges in decades. Commercial and residential property loan failures will create additional stress on Financial Services Industry which may require government intervention.
But its not all doom and gloom, American’s and our financial system are resilient, we witnessed that repeatedly. We need to be positive and be creative and work around the obstacles that we are currently facing. Sharing information and ideas even competitors can be a healthy way towards our pathway to success.
We at ACG Risk and Compliance Solutions are here to listen!!!
COLLABORATING FOR THE FUTURE