Are you aware of the Long Term Implications of continued Remote Work?
With remote work being the “New Norm”, the potential long term implications for your business working remotely are at question. However, as reopening guidelines are released and work places begin to reopen, social distancing and reduced numbers of persons in a space is still in full effect.
Although most businesses are starting to reopen, remote working is still what some may say to be the future of the workplace. Remote work may be going successfully for your business at the moment, but there are long term implications and precautions you should be aware of.
How does continued remote work effect your business in the long run? We may not know yet but what we do know is that if you are on top of your policies and procedures, you are staying compliant and ahead of the game.
Below are tips and some things to consider reviewing such as remote working communication plans, business continuity plans, cybersecurity and privacy policies, and regulatory obligations of supervision.
1. Remote Communication:
- Firms should consider having scheduled and/or ad hoc teleconferences with the entire staff to ensure continuity of business lines and provide a medium to communicate potential issues and the status of action items. In addition, individual teams within the organization (e.g., Investment Team), should consider having regularly scheduled meetings to keep up to date in commiunication.
- CCOs should consider new mediums that may be utilized to communicate internally and/or externally that are being archived. For example, Advisors may be texted messaged by clients nervous about the market, against firm policy. In addition, employees may be now communicating through Zoom Chat and/or other instant messaging that is not currently being archived. CCOs should consider reminding employees and ensuring that business communications are properly archived.
2. Business Continuity Plans (BCP):
- Testing your Business Continuity Process early on is key to avoiding setbacks down the line. Making sure you have the ability to convert to backup personnel is extremely important in situations like this. Make sure to test your process and solve issues that arise so changes can be made. If you are working remotely, use this as an opportunity to formally document your annual BCP Test. The ability to implement WHO and CDC recommendations in a timely fashion is crucial.
3. Cybersecurity and Privacy Policies:
- With working from home, employees may encounter privacy issues when using personal computers or cell phones. Making sure everyone is on top of security policies and confidentiality rules is key.
- Update your policies to reflect possible security implications of employees working from home.
4. Regulatory Policies and Procedures:
- It is important to state if the position is eligible to work remotely and is crucial to make that change in the policy
- Set schedule requirement or time slots from the start to eliminate any confusion or miscommunication
- Responsiveness is important to make sure the employee responds in a timely and efficient manner
- Ensure what equipment is valid to be able to work remotely and update that in your policy
- Crucial to have tech support readily available for remote workers
The Vigilant Team is always happy to schedule a time to chat, feel free to contact us with any questions!
The Team at Vigilant