The ‘Hybrid’ Working Environment – A Risk Management Framework for the Future
25 February 2021 – FMSB and Latham & Watkins hosted a webinar on the future “hybrid” working environment. With a post-pandemic ‘hybrid’ working environment looking increasingly likely to become the ‘new normal’, this webcast explored the associated risks, challenges, and opportunities faced by financial institutions.
The FCA’s Jonathan Davidson gave the keynote speech followed by a panel discussion moderated by David Berman from Latham & Watkins. The panel comprised:
- Frederic Jeanperrin, Managing Director, Norms, Controls and Governance, Société Générale
- Nicola Jolley, Head of Solution Sales,National Australia Bank
- Tracey McDermott, CBE, Group Head, Corporate Affairs, Brand & Marketing, Conduct, Financial Crime and Compliance, Standard Chartered
- Rob Moulton, Partner, Latham & Watkins
- Martin Pluves, CEO, FMSB
- Ulla Suomio, Markets Policy Division, FCA
- Ed Wicks, Head of Trading and Liquidity Management, Legal & General Investment Management
It was agreed that the purpose, agility, ingenuity, appreciation of social issues and empowerment that had been witnessed within organisations during the pandemic should all be built upon in the future working environment.
The panel also discussed the opportunities and challenges faced by organisations in the post-pandemic world as they move away from business continuity to “business as usual” and how the risk management framework will need to be thought about in the hybrid working environment.
Challenges included “cultural decay”, the reliance on relationships of the past, how to manage “on the job” training to ensure that the right behaviours are being picked up as well as technical skills, integration of new staff and differing treatments of those in the office versus those not in the office. However, flexibility for staff and firms, improved communications, increased senior management visibility and the breaking down of barriers, increased productivity, more focus on employee health and well-being, expansion of the talent pool for inclusivity and diversity, and more of a trusting, innovative and inclusive culture, with purpose at the core, were all seen as opportunities.