COVID-19 in the Financial Services market

Perspectives on the non-financial impacts

In response to the COVID-19 outbreak, regulators are taking a number of actions to protect customers and markets. These actions, as well as the impact of the pandemic itself, have a number of far-reaching risk and regulatory implications for financial institutions.

Our goal is to raise awareness of the less obvious or even indirect impacts of the crisis for financial institutions, while taking into account their highly regulated environment.

Key takeaways

  • While the supervisory authorities are taking measures to help organisations manage the economic and financial effects of the crisis, they also expect that all efforts to comply with the applicable laws and regulations will be maintained.
  • The systems to support daily operations, client transactions, related reporting requirements and control execution need to be organised in a remote fashion with the appropriate backup, storage and security measures.
  • Monitoring of the use of market information and client behaviour should be enhanced, considering that the associated risk level has been adjusted to reflect the new norm.
  • Specific attention to the resilience of significant service providers will enable firms to manage potential operational difficulties.
  • Roles, responsibilities, and the communication mechanisms of the management body and independent control functions must be adjusted to adapt to crisis-related priorities.
In response to the COVID-19 outbreak, regulators are taking a number of actions to protect customers and markets

Contact us

Géraldine D'Argembeau

Géraldine D'Argembeau

Director, PwC Belgium

Tel: +32 476 47 19 59

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