Covid-19 pandemic, an unprecedented event in our history, has severely impacted lives across societies and economies. The risk of contagion which this pandemic has generated has forced lifestyle and work culture changes on individuals and organizations. Increasing volumes of digital transactions and frequency of virtual interfaces are transforming the way we deal with each other and run our organizations. In order to ensure business continuity, among others, ‘Work from home’ (WFH) is a solution most organizations have opted for. Also, the potential operational and economic efficiency the organizations could achieve through WFH prompt many to think that WFH could be the ‘new normal’ at least for many locations, employees, functions and tasks. The Financial Sector has also readily and significantly shifted to WFH and it looks at WFH as an alternative way of running offices, outfits and outlets in days to come. But it is obvious that WFH could generate Risk, both Financial and Non – Financial. Financial institutions need to partly and suitably recalibrate their processes, controls and practices to make sure that Operational Risk/ Non- Financial Risk caused due to WFH is materially mitigated.

Thus, there is an urgent need to manage the Operational Risks facing the financial institutions in the context of WFH and associated changes in work processes, controls, digital interfaces, digitization and exchange of data within virtual office space (VOP) encompassing home computers/networks, office servers/networks, Data Centers etc . The responsibility for managing these challenges and risks lies with not just the Boards, Managements and Operational Risk Departments in these institutions, but also with leaders in Lines of Business, Support Functions and Experts in various Risk Areas. Already, a range of good practices are evolving to address these challenges.

The speakers from Reserve Bank of India, New Development Bank, State Bank of India, Future Generali India Insurance Company, PRMIA and CAFRAL will discuss the evolved and the emerging good practices in the area. Also, the Webinar will explore insights and perspectives which include both practical ideas for day to implementation as well as strategic solutions for more complex issues surrounding operational risk relating to WFH. The Webinar aims to share knowledge in these areas with the thought leaders and encourage them to bring sharper focus on these issues.

Webinar participants are mainly leaders from the Banks, Asset Management Companies, Non- Banking Finance Companies, Insurance Companies and regulatory organizations. Besides, some academicians, consultants, risk professionals and students may be present.