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Best practices and lessons learned from the current COVID-19 pandemic

In light of recent FINCEN and FFIEC regulatory guidance in response to the current COVID-19 pandemic, financial institutions have been asked to review the potential impact on current work processes and their compliance teams’ ability to keep pace with their filing obligations. They have also been asked to review their business continuity plans and ensure that FI’s adequately plan and address the challenges of remote communications, third party vendor preparedness, and limitations in staff availability. Finally, the guidance also suggests exploring ways in which outsourcing, or process automation, can assist in mitigating potential negative impacts.

During this session the speakers reviewed current IT related best practice, including Zero Trust Architecture and relevant NIST recommendations. We will cover how current thinking has been challenged by social distancing and other related policies. Compliance professionals will share lessons learned and how they have adjusted to surprises and challenges brought on by the current pandemic.

Finally, they covered examples and suggested approaches that leverage third party providers and/or automation to assist in mitigating the impact on compliance workflows.