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Work From Home Survey

June 12, 2020

The Risk Snapshot Series highlights key insights from GARP’s quarterly survey of Financial Risk Managers (FRM®) about critical risk issues global risk managers and their organizations are navigating.

As the business world adapts to COVID-19, GARP asked risk managers how they are navigating the challenges of working from home. We surveyed respondents across two key dimensions: enterprise risk and productivity.

 

SHIFT TO REMOTE WORK

87% of risk professionals are working from home, compared with 2% prior to COVID-19.

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EVALUATING RISK FUNCTIONS

SINCE COVID-19 STARTED

  • 89% say risk reporting is as good or better
  • 82% say incident reporting is as good or better
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TESTING THE TECHNOLOGY

Risk managers are successfully adapting to a virtual work environment. When rating current work experience compared with pre-pandemic conditions:

ONLY 5% SAY

  • Remote access to key data/systems is worse
  • Management of cybersecurity issues is worse

ONLY 4% SAY

  • Management of business operations is worse
  • Firm communications is worse
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THE WORK-LIFE BALANCING ACT

  • 6 in 10 respondents are working more hours
  • 44% overall say productivity has gotten worse vs. 49% among bank risk professionals
  • 46% overall say work is more stressful vs. 51% among bank risk professionals
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RISK PROFESSIONALS IN ASIA ARE NOT AS UPBEAT ON REMOTE WORK

  • 56% reported worse productivity vs. 42% in Europe, 36% in North America
  • 13% said remote access to key data/systems was worse vs. 1% in North America, 1% in Europe
  • 11% said firm communications was worse vs. 2% in Europe, 2% in North America
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The GARP Risk Snapshot “COVID-19 Work From Home Survey” polled 250 risk professionals from North America, Europe and Asia in April 2020.

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