On the one hand, you can use the experience gained when the pandemic destabilized the market, but on the other – significant flexibility is necessary, as the situation keeps dynamically changing, what with new sanctions being imposed on Russia and Belarus all the time. And information technology has conveniently made it possible to greatly improve the effectiveness of managing operational risks.
Operating in a regulated environment, companies in the financial sector use technology to be able to effectively manage risk, especially when they operate on a global scale.
The audit of the future will be digital. This will be forced by the consequences that the coronavirus epidemic for businesses. Companies are undergoing major changes, someone has to effectively monitor the situation, assess risks and ensure regulations compliance.
Business-wise, one of the biggest challenges in times of any crisis is to pay attention to crucial aspects of your company, strengthen the compliance division, and ensure it is ready to function in a disrupted, digitized world. Verifying all mechanisms which enable the company to function in disruptive environments is the first step to take.
These will naturally be different for different industries, and in their specifics also for different companies within one industry, but there is a common denominator they all share. Faced with an epidemic, any company may need to contend with (among others) the following scenarios:
C&F’s partnership with Nasdaq will amplify our ability to offer even more comprehensive governance, risk and compliance solutions for our Clients who expect best practices in the boardroom.
