How people, processes and technology can help asset managers in times of disruption

Lounarda David, Chief Operating Officer at IFM Investors looks at how scenario planning, regular communications and strong data and IT processes can help fund operators weather a crisis

Sara Benwell POSTED ON 9/3/2020 4:17:12 PM

This is part two in a series. For part one, which explores the biggest operational challenges posed by coronavirus click here.

Sara Benwell: What is the role of people, processes and technology in creating the optimal operating infrastructure to overcome the coronavirus pandemic

Lounarda David: Operations and IT teams have played a significant role in supporting organisations during this pandemic period.   

People capability

It has been particularly important to have a cross-skilled workforce that is trained to be aware, collaborative and agile:

  • Aware of the nature of work being performed in each part of the business and can understand the specific demands and relative priorities in a given circumstance.
  • Collaborative in reprioritising work and redirecting teams to support achievement of priority outcomes.
  • Agile approach to BAU and business management, particularly timely updates of operational procedures and processes to align to the remote working environment.

Well set-up workforce is critical

It has been extremely important that all employees have the necessary equipment, tools, working practices, access rights and technology so they can work flexibly and remotely during the pandemic, especially with the need to minimise contact and business and community disruptions.

"With increased remote working comes greater risks of cyber security issues"

Stress levels do arise from high volume of activities, new demands, volatile markets and other challenges with remote working, without the supportive infrastructure and familiar working environment of the “office”.

With increased remote working comes greater risks of cyber security issues.  As a result, the IT teams had to be proactive, innovative and resilient.

Strong communication processes

Ensuring that frequent, clear messages are distributed to the entire workforce to give them confidence that the volatility is in control. This is both a process issue, knowing how key matters will be decided and communicated regularly

Sara: What are the key lessons learnt from the pandemic that will help you strengthen the resilience of your operating environment?

Lounarda:

Crisis management and BCP policies and responses

The industry was not well prepared for COVID-19. A global pandemic was not carefully considered and imbedded in the BCP and crisis management plans of most organisations.

We closely examined the effectiveness of our BCP for pandemic-induced disruptions and updated our plans where required. We also developed our Pandemic Management Plan to guide our Crisis Management Team and staff.

"The industry was not well prepared for COVID-19."

It is important that the BCP plans are continually assessed, revised and enhanced to consider new factors and risks associate with pandemic crisis.

Scenario planning to prepare, rather than predict

As part of our Operations business planning process, in January this year, we worked through scenarios ranging from shifts in market demand, our business footprint and (fortuitously) a pandemic scenario.

"It proved that scenario planning is a good practice"

The point was not to predict the scenarios that would actually play out, but to consider what preparations we needed to make, if an extreme scenario presented itself.

We didn’t know at the time, how well targeted some of these scenarios would be. However it proved that scenario planning is a good practice and as result, IFM’s operations and IT teams were extremely well prepared for the challenge.

Simplified and optimised platforms:

We are continuously working to enhance our technology and processes, with high focus on automation and straight through processing to create capacity, so our people can focus on the more cognitive activities.

"We are continuously working to enhance our technology and processes"

We also continue to work on digitalisation to support digital workflows and collaboration so that our people can work efficiently wherever they are in the world, whether this is working from home or passing the book between time zones.

Strength of our team work and ‘Trust’ the team spirit

It was fantastic to see how all IFM teams pulling together to achieve the right outcomes, when they are clear on the purpose of the organisation and the priorities that have been set. This has been particularly important during COVID19.

Comprehensive and regular communications

Recognising the importance and power of effective communication during the pandemic, as part of our crisis management process, we quickly developed a robust communications plan.

"The internal communication to all staff  strengthened our global collaboration"

The external communication ensured our clients were receiving regular update on our business, product performance and COVID 19 activities.

The internal communication to all staff across the globe strengthened our global collaboration and ensured consistent messaging and regular updates on key business activities and crisis management updates.

 

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