This report by FMSB examines remote working risks in FICC markets as a result of the Covid-19 pandemic. Following COVID-19 being declared a global pandemic and the closure of many offices, FMSB formed a working group of members and other interested market participants to consider the impacts of financial services activities being undertaken by a workforce which is widely distributed and using remote working.
The effects of the ongoing COVID-19 pandemic have been acutely felt by individuals, businesses, governments and public services, and economies across the world. As each country prepared its response to managing the outbreak and began closing borders and imposing restrictions on free movement, financial services organisations had to adapt quickly to new working practices with little time to test their systems and procedures. This marked the beginning of a widespread and prolonged period of remote working, a practice that for front office staff in many financial institutions was not previously permitted. In light of the new operating environment resulting from these restrictions, FMSB members formed a working group to share conduct and other business practice risks arising from remote working. It was agreed that the focus of the group would be on developing resources to help firms across the market assess their individual risks and to plan appropriate responses. Recognising the rapidly changing circumstances as the pandemic progressed, it was agreed that the group would develop and publish a risk register for open access to all market participants. Given the evolving backdrop, the risk register may see a number of iterations as circumstances change and the profile of risks and potential mitigating actions evolve.