Broker Message9 Mar 2020 19:01
The spread of the COVID-19 coronavirus continues to dominate the news, with major implications for public health and the NHS. It is also causing economic disruption across the globe and turbulence on the markets. As you would expect, we are monitoring developments closely from an investment perspective but we have also put in place sensible measures to ensure that Tilney is well prepared.
I wanted to reassure you that in respect of the spread of COVID-19 outbreak we are focused on three things: the health and welfare of both our clients and staff, our ability to continue to support clients in all scenarios and, of course, the sound management of investment portfolios. I am therefore writing to share with you some of the specific actions that we have taken.
Prior preparation
A robust approach to risk management and operational effectiveness is integral to our business and so we have been prepared for abnormal events for some time through a comprehensive Business Continuity Plan. Our BCP plan identifies the requirements that would be needed for each area of the business to function under a wide range of scenarios and it is kept under constant review. These scenarios include natural disasters, acts of terrorism, data breaches, power and transport failures and major sickness outbreaks such as pandemics. In both simulations and real scenarios, our processes have performed well.
Operational resilience
We have invested in technology and infrastructure to ensure that the business is both robust and adaptable to be able to cope with significant and potentially disruptive events:
Our staff have the ability to work from home if required and can remotely access our systems within a secure IT environment. We are also able to redirect work phone lines to employee mobile phones
We have completed an inventory audit to identify those staff who might have limited access to a computer at home in the circumstances that other members of their household are also required to work from home at the same time, with laptops provided where required
We operate from 30 locations across the UK and importantly have a multi-site approach to our main functions. This gives us the flexibility to temporarily relocate activities or teams to other sites, if necessary
All client assets (both your investments and any un-invested cash) are held with third-party custodians, each of which are major financial institutions. We have sought and received confirmation of the ability of our third-party custodians to continue operating in all eventualities including their staff being able to work remotely from home
Employee and client safety
The health, safety and well-being of our staff and clients is of paramount importance to us. We are therefore closely monitoring and implementing official guidelines from the Government and health organisations in respect of COVID-19. Specific actions taken include:
We have required any staff who have travelled recently to
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