Regulatory Changes

When you're concerned about keeping your business afloat and the government is doing its best to help, there is a danger regulatory issues could slip from the front of your mind.

However, as the situation unfolds, tighter restrictions may be introduced to help manage the crisis. You need to be agile and aware of developments as they happen.

While the focus is naturally on the crisis at hand, the pandemic will end eventually and business as usual will return. When it does, you need to be certain you haven't stretched regulatory guidelines more than you are able to deal with, and that your business hasn't become reliant on relaxed rules.

Actions to consider

Assess

Find out what your financial third-party providers are doing and what instructions are coming from regulatory bodies. How is pressure being alleviated by them and can you benefit from that help?

Protect

Engage with the regulators, because the more you do, the more informed your planning will be. Correct and timely information is essential for you to adapt to the circumstances as needed. Make use of any simplifications or reductions in reporting requirements that might be available.

Restore

Don’t forget your responsibilities. The regulator may have granted leniency during the crisis, but rules will come back into force once things go back to normal. Don't become too reliant on the measures put in place to help you through the crisis or push the limits more than you will be able to cope with once it runs out.