Despite today’s challenges, many funds are thriving – but how?The Coronavirus pandemic has been a large-scale lesson in operational risk and disaster preparedness for fund sponsors. Although most disaster recovery planning failed to contemplate the scale and character of this event, the best prepared sponsors are experiencing the least risk to their ability to continue business and were able to blunt the worse effects of the crisis.
Phoenix American has had a pandemic recovery plan in place since the Swine Flu outbreak in 2009. Based on our experience and what we are hearing from clients and partners, here’s what we’ve garnered from customers regarding the current crisis from an operational risk perspective.
Disaster recovery plans are critical. Your disaster recovery plan must be comprehensive, documented and tested. It must include preparation for remote working, data replication to a remote site and significant downsizing. An unexpected loss of human resources means your firm will need to be ready to operate with a minimal staff. The “shelter in place” orders were a surprise to many firms but detailed disaster recovery plans contemplated many of the needed responses.
Read More: How To Emerge From COVID-19 Stronger
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