With the current disruptive events driving health concerns for our loved ones, we also see a secondary impact: Our everyday concerns have expanded and can include much talk of boredom, cabin fever, stir craziness, and too much time on our hands.
A crisis is also a classroom in some respects. No one knows this better than treasury professionals, who, as managers of risk, in some ways spend their whole careers preparing for and watching for events where risks become reality in unexpected ways – events such as 9/11, the financial crisis, and the COVID-19 pandemic.
We’ve discussed various ways the COVID-19 crisis could impact our technology, operations, and security concerns – but what about our people? Many of the staff now working from home have never done so before. Most were unprepared for their home to become their full-time office, and each employee has a unique situation with varying concerns and impediments.
In our previous post on the coronavirus remote work era, we discussed some technical and security factors that treasury needs to make sure they have covered as they send workers home. In this second post, we’ll talk about the challenges of continuing remote work, focusing on three areas: 1) backup plans, 2) extending the business continuity plan, and 3) capturing the gaps.
This series within The Treasury Update Podcast features results of the Global Crisis Monitor during the COVID-19 crisis. Together, we can monitor the situation and best support our treasury and finance community.