The outbreak of Covid-19 has presented UK financial firms with the biggest operational resilience challenge seen in recent years. As confirmed cases continue to grow and the global economy is increasingly disrupted, the financial services sector has had to prove their resilience plans more rapidly and more extensively than previously expected.

This has primarily been a test of operational resilience, though the global nature of the crisis has also precipitated a financial challenge. However, there is a third, largely undiscussed, issue that has arisen from the pandemic: the impact on personal resilience. Answering this will be key to overcoming the disruption and emerging strongly from the current situation.

Exceptional strategies

The sector has adapted well so far. Firms have been testing, implementing and expanding their business continuity processes, and many strategies are exceptional in their size and complexity.

Generally, homeworking capabilities have been holding up under difficult circumstances. While remote working isn't new to the sector, the unprecedented scale of offsite working has posed issues relating to cost, technological reliance and information security. It's evident however that the sharp increase in IT usage is being supported by robust infrastructures, while cyber resilience across firms is continuing to be highly effective.

One problem that is currently being resolved concerns traders working from home. The Financial Conduct Authority (FCA) has stated its support for remote working as long as conditions are met: traders will need to ?enter orders and transactions promptly into the relevant systems, use recorded lines when trading and give staff access to the compliance support they need?. There have been  proposals to enforce regulations including the use of permanent video links during trading hours.

Reinforcing people

While stringent regulatory standards are crucial, so too is reinforcing personal resilience. Employee wellbeing should remain a priority for firms during this difficult time, and commitment to staff is vital.

Financial services workers have found themselves in a situation where the separation of work and home is unclear. Not everybody has a suitable working environment at home, with access to an office desk, chair and fast internet in a separate room. There could be more stress due to the blurring of work and life spaces, with staff not able to discuss work issues informally, nor discuss personal material with colleagues. Furthermore, work via video link and the ease of losing track of time at home can be more intense than travelling to the office and leaving at a sensible hour.

Intelligent support is important. Open communication, and asking colleagues if they require help, is encouraged, and colleagues should be prepared to step in when appropriate. Personal resilience is precisely that - personal. Nonetheless the right actions from management can accelerate its development when we need it the most: during a crisis, when we all need to see the best come out in people.