COVID-19 has changed how and where compliance is managed. Office space has largely been exchanged for an assortment of living rooms and remote working spaces. Regardless of an eventual return to normality, the new normal may be quite different to what was previously accepted operating conditions for financial services firms, as well as the internal and external threat factors and failings that pose a risk to a financial services firm’s resilience.

This will likely prompt a re-think by all types of firms, regardless of business sector and/or model, of how to run systems that identify, mitigate, measure and manage the set of risks they are faced with. Combined offerings from RegTech providers and external counsel may assist firms in moving to a more digital enabled 3LoD model that is equally required to work remotely as well as cope with the range of challenges posed from prolonged working from home arrangements.