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Is Remote Working Putting You At Regulatory Risk?

The world has appeared a more suitable place lately, with increased optimism around an effective Covid vaccine. As one expert noted, we’re not out of the wood yet, but it looks like we’re on the right track.

What is becoming clearer, however, is that, while businesses consider their return to office views, as many lockdowns make a commodity a commodity, in the era of business services, for the majority it is as early as before March 2020. The working environment is not very likely.

Our conversations in the new weeks suggest that the largest companies are looking at a hybrid strategy, with employees consuming two to three times a day in the office and the rest working from home. The pandemic has impacted operations and conduct and allowed personalities to reevaluate what they need.

This year, we’ve seen some companies adjust their leadership units, recruit and make fair and reasonable estimates on their employees, all through remote technology. So, how are we going to manage our companies in this virtual infrastructure and how do we accommodate the supposed dual world of office and home?

Bear in mind that, with the initial lockdown, no one seemed to understand how widespread this would continue. Business continuity plans just happened, organizations got involved with it, and overall, from a purely operational aspect, it worked.

It is only in the present, as the permanence of remote work becomes a reality, that senior managers are considering what risks they may be overlooking.

Let’s start with operational hazards. Control and protection of data in remote environments can be quite challenging, so we are seeing more organizations anticipate the impact on how their employees operate on a day-to-day basis.

This is especially acute in people who are sharing a residence and working in communal areas where it is difficult to lock screens, or need to attend meetings when someone else is in the room. People’s risk is another consideration, true with long-term mental and physical fitness consequences from extended isolation. Can your team and face-to-face conversations be established if someone is struggling?

Deciphering character or behavioral characteristics from a screen, as in face-to-face is much more complex, so managers have to adjust, be more empathetic, refined and made to listen. Creating a genuine “speak-up” culture has been the aim of many organizations.

We have seen many instances where workers are either stranded abroad or have taken this opportunity to live abroad themselves during the summer months.

While such circumstances may have an individual tax implication, it can serve as a dilemma from a regulatory position, personally if the individual is money laundering reporting officer or compliance officer. Managing these sensitive staff and administrative matters compound the growing challenges for those operating the business

It’s important to be fair and consistent, not only from a more comprehensive reputation standpoint but also from how well your people perceive you. Understanding and flexibility now are likely to produce sincerity and hard work for the month to come. We believe that you must have the most reliable backup solutions for your enterprise. We will understand your company and determine various suitable solutions to match your technical needs while being commercially appropriate and productive over time.

If you believe that your data is not being backed up properly, please get in touch.

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