In “Gabe Hidalgo on Lessons for Financial Institutions from the Coronavirus Health Crisis” (9 June 2020), Tom Fox interviews Gabriel Hidalgo, managing director at K2 Intelligence FIN, about what he sees as the top issues COVID-19 brought to light for financial entities, what financial entities should look out for as they begin to reopen, and some core lessons learned that compliance programs can carry forward.
According to Gabe, there are a few key lessons entities can take away from the pandemic as they return to the new normal. These include:
- Data and cybersecurity for a remote workforce: Institutions should ensure appropriate systems controls are in place, along with the capability for staff to access relevant systems, with frequent testing of these controls.
- Growth in remote and mobile banking: Entities must have preparations for higher-than-normal transactional volumes due to additional online purchasing or bulk purchases for home.
- Mobile access to compliance systems: Staff should be provided with the ability to work remotely, and it must be communicated that compliance requirements are still in force, including vigorous monitoring.
- Ensure compliance is not overloaded: Banks and other financial services institutions should find experienced and trustworthy third parties to help them mitigate any workflow backlog in an efficient manner.
Listen to the full podcast, hosted on The FCPA Compliance Report.