In the past four weeks, we have seen the highly infectious coronavirus be declared a global pandemic and make its way into conversations at every level of society. What started as a trivial water cooler discussion topic in early January which people compared to the outbreak to the common flu has now sent the world into lockdown and global markets into freefall. For us and our clients the current situation presents a case in which many firm’s business continuity plans may be tested and therefore ensuring these are effective and appropriate is of the upmost concern.
In writing this article I am trying to provide advice and awareness for our clients on the importance of reviewing their business continuity plans especially whenever we are all faced with macro events such as Covid-19. As advisors I do feel that flagging regulatory issues and supervisor warnings (such as the FCA notice last week regarding continuity planning) is an important part of our remit. This is even more relevant whenever we are facing events that are as serious as Covid-19.