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Post By: Adam Turteltaub
Today’s it’s the COVID-19 Pandemic. A year from now it could be a natural disaster. But whatever the reason, even during a business interruption compliance programs still have to function effectively.
Don Griffith, Head of Financial Crimes and Fraud Prevention Compliance, Compliance Counsel for MassMutual recommends having a good plan in place long before it is needed.
Use the planning process to think through what systems need to be up and running on Day 0 and what can wait a while. Consider also what regulators will expect and whether they need to be notified about how your organization is responding.
Also, and critically, look to your business units to better understand what their plans are and what they will need during a crisis. While working with them, make sure that they understand the compliance implications of any plans that they have. It’s better to anticipate the risks and make adjustments now than to have to do so in the midst of a major disruption.
Finally, don’t forget your team and its needs. Are people getting the emotional support that they need? Are you still enabling their professional development? Are you staying connected enough?
Listen in for more advice that is timely for today and will likely be timely again in the future.