THE POWER OF BEING UNDERSTOOD GETTING BACK TO
THE POWER OF BEING UNDERSTOOD GETTING BACK TO WORK: REDUCING CONTACT IN FINANCIAL INSTITUTIONS What social distancing will look like when we fully reopen for business When financial institutions are allowed to reopen, many will not resume in the same way that they operated before the pandemic. Some states may continue to limit the size of gatherings, number of customers per square foot or personal protective equipment be made available for employees and/or customers. Beyond state and local operating mandates, customers and employees may not feel comfortable, leading them to minimize physical interactions and contact. While financial institution operations have continued throughout the pandemic, including branches, now is the time to assess whether your institution is prepared to adapt operations to accommodate these changes in customer and employee behavior. These challenges will likely persist for the next 12 months with the potential to reset constituent expectations for how you operate. Getting back to work is about safety and managing risk. Each financial institution will address these expectations differently based upon their unique constituent base, footprint, digital and IT maturity and overall institution complexity. The audit committee and Chief Audit Executive should understand how the risks of COVID-19 are being managed by the financial institution. What does the new normal look like? 1. 2. 3. 4. Limit the number of people at each location. Reduce the amount of touches – badge systems, doors, paperwork – required to manage access and process transactions. Reduce contact between customer, members and employee. Evaluate existing layout of locations to determine if they are configured to effectively support social distancing. How RSM can help RSM has a cross-functional team that can address these challenges with a focus on bringing customers, members and employees back while managing risk. © 2020 RSM US LLP. All Rights Reserved.
GETTING YOU BACK TO WORK CHALLENGES Retail Location • Making customers/members feel comfortable while conducting transactions in each location • Develop a low touch transaction process • Evaluate layout and create one-way flow through branch locations • Provide for appointment based transactions • Increase transaction mobility to reduce lines • Reduce roaming employees while making it easy for customers/members to find help • Install clear protective barriers at teller line and personal banker desks Common Areas • Assess turnstiles and security entry points • Manage delays at entry points, including elevators and temperature check points to reduce congregation • In high rises, determine volume control to reduce congregation points • Consider advanced technology such as camera temperature scanners to reduce congestion Other Notes • This is about making employees and Office Space • Identify ways to reduce congregation points within each location • Evaluate food and drink areas including refrigerators, coffee, water, etc • Consider entry only doors and exit only doors • Assess the need for continued shared workspaces • Reduce seating and reconfigure conference rooms and team spaces to follow social distancing and any state or local limits on size of gatherings • Evaluate badge access points to determine ability to reduce at each location Operations • Provide e-mail receipts and electronic signature capability for in branch activity • Leverage cash recyclers to reduce manual handling of cash • Update processes for: • Money Handling • Dual Controls and social distancing • Customer/Members entering in Masks • Physical security concerns • Staffing to remain safe with entry/exit points customers/members feel safe • Considerations for specific local guidelines, masks, sanitizer and other PPE need to be incorporated into these considerations What an assessment looks like • • • Review Office Space Review Locations including sampling on-site branches for security and process issues Evaluate the security and processes for remote employees and on-site processes which are now conducted remotely Review changes to information security, IT and other policies in light of COVID-19 Review change control and project management for implementations and changes related to COVID-19 Project is conducted over 2 weeks with a gap assessment provided This document contains general information, may be based on authorities that are subject to change, and is not a substitute for professional advice or services. This document does not constitute audit, tax, consulting, business, financial, investment, legal or other professional advice, and you should consult a qualified professional advisor before taking any action based on the information herein. RSM US LLP, its affiliates and related entities are not responsible for any loss resulting from or relating to reliance on this document by any person. Internal Revenue Service rules require us to inform you that this communication may be deemed a solicitation to provide tax services. This communication is being sent to individuals who have subscribed to receive it or who we believe would have an interest in the topics discussed. RSM US LLP is a limited liability partnership and the U. S. member firm of RSM International, a global network of independent audit, tax and consulting firms. The member firms of RSM International collaborate to provide services to global clients, but are separate and distinct legal entities that cannot obligate each other. Each member firm is responsible only for its own acts and omissions, and not those of any other party. Visit rsmus. com/aboutus for more information regarding RSM US LLP and RSM International. RSM® and the RSM logo are registered trademarks of RSM International Association. The power of being understood® is a registered trademark of RSM US LLP. © 2020 RSM US LLP. All Rights Reserved.
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