2020 was a year like no other in recent memory. For years, regulators have required that annual Risk Assessments include rating the risk of pandemics… now we know why. Banks, like all businesses were largely caught by surprise with minimal plans in place when the shutdown happened.
All banks are required to assess the risk of a pandemic to their business and have a plan to address providing continued service during such an event. Does your plan include a contingency to allow some employees to work from home? Remote working is becoming easier than ever and is a smart way to prevent the spread of illnesses.