Insight

Banking - mitigating the downside of COVID-19’s economic impact

COVID-19 is causing financial service providers unprecedented challenges and disruptions to maintain operational efficiency, compliance program efficacy, and to protect customers

Brian Hart

Brian Hart

Principal, Financial Services Risk, Regulatory and Compliance Network Leader, KPMG US

+1 212-954-3093

Like most industries around the world, the spread of COVID-19 is causing bank and non-bank financial service providers unprecedented challenges and disruptions, specifically to their ability to maintain operational efficiency, compliance program efficacy, and to protect customers (i.e., individuals and small businesses). Existing business-as-usual approaches have been forced to transform in the span of weeks as millions have experienced significant economic hardship and the small business lending provisions of the CARES Act (specifically the Paycheck Protection Program) has created a frenetic pace never seen before. As a result, the banking industry is rapidly evolving strategies in an effort to reduce further adverse economic impacts while remaining attuned to heightened government, public, and social pressures and regulatory expectations.

Download this paper to learn how your firm can manage the disruption stemming from COVID-19 and develop sustainable solutions to mitigate emerging and evolving compliance risks.