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4 Strategies to More Successfully Manage Remote Teams

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Since the 1990s, we have seen major industries get disrupted by new technologies and innovation. The Internet and tech commoditization, increasing consumer demands, and rising competitive rivalry have all forced businesses to adapt and evolve. Managing disruption has made the overall business landscape much faster, uncertain and, at times, chaotic.

With the pandemic, we have had to adapt again to remote or hybrid work arrangements. While it has many perks, working remotely brings with it a new set of challenges that managers continually need to navigate. First, it is harder to read your team’s energy when you are not in the same office. Second, the number of meetings tends to increase in remote environments, which tends to lead to lower productivity. Third, not being in the same room sometimes reduces the speed of execution, resulting in bottlenecks and miscommunication.

Although working remotely comes with its challenges, here are four strategies that leaders can implement to better manage remote or hybrid teams and disruptive environments:

1. Build a Team for Adaptability

The most important capability to navigate a world of disruption is adaptability. Teams that are built with an emphasis on adaptability are able to pivot and change direction much faster, and are more likely to solve problems that they have not seen before. These teams are also able to navigate the nature of remote work.

Adaptable team members keep an open mind and may be more inclined to find new ways to collaborate with each other, and it may be easier for them to continuously pivot to changing regulations or rules. In other words, being adaptable allows teams to get the job done whether they are working from the office, a client site, or remotely.

2. Get Buy-In

Before starting on your journey, focus on getting your team to buy into your vision and mission. Show your team why the goals are important, and the prize that awaits everyone on the other side of the journey. Being bought-in makes your team more likely to push through uncertainty and change, especially when things get difficult. This can also reduce the need for constant oversight or micromanagement.

A team that is bought-in also feels more accountability with their work and with each other. This ensures teams are focused on getting results while supporting each other along the way. The resulting sense of investment also helps as burnout continues to be on the rise and the boundaries between work and life continue to get blurred while working from home.

3. Provide a Clear Plan and Establish Milestones

When things get chaotic, it helps to clearly define your roadmap and assign key actions to your team with ownership and accountability. When dispersed and facing uncertainty, direction is what a team needs most. Providing your team a clear action plan not only gets you marching on the same path, but may also make you more productive.

Being clear on your deliverables and establishing concrete milestones can help reduce distractions, making it easier to navigate uncertainty and change. This can also reduce virtual meetings to relevant team members working toward a certain milestone, which could boost overall team productivity and save valuable time. 

4. Celebrate the Small Wins

When you are executing and being pulled in multiple directions, it is tough to take a step back from the nitty gritty day-to-day. Most of the work we do in transformational times does not yield results right away—it takes time. Especially when dispersed across different cities or countries, it is hard to see the progress we have made if we do not make a conscious effort to see the forest, not just the trees. Over time, this can contribute to burnout and lower productivity.

Celebrating the small wins helps your team see the progress they are making every day, and puts things into perspective. It also brings the team together, which is a must when working remotely and are not getting the social interaction that we need.

Employee Engagement is Key in COVID-19 Recovery

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Businesses and their employees have had to rapidly adjust to the shutdowns and disruptions caused by the COVID-19 pandemic, and their ability to adapt and pivot will continue to be critical as organizations start to recover from the impacts of the crisis.

To further compound these circumstances, the ability to maintain engaged, empowered, and satisfied team members has proven challenging for many. While some organizations have thrived under their modified operating conditions, others have struggled to respond to change and keep team members engaged and productive. While rates of vaccinations are bringing some hope about the pandemic’s eventual end, the tidal wave of change we have experienced is unlikely to ebb any time soon.

When creating your COVID-19 recovery plans, the value of engaged and satisfied team members in this fast-moving environment must not be understated.

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Engaged employees will support your organization to achieve its mission, execute its strategy and generate results, particularly as times remain uncertain.

As leaders, we must ask: how can we leverage the rapid change we have experienced over the past year, continue to drive growth and sustain employee satisfaction and engagement? Here’s how:

1. Accept remote or hybrid work environments as the “new normal”

The days of office cubicles and open floor plans for all employees are gone. We now operate in a world where some of our team members will continue to work where it is the safest, most suitable, and most empowering for them.

Many organizations across industries have already embraced the fact that working remotely, in some form or fashion, is here to stay. This shift has had many benefits—such as being able to recruit talent outside of your typical geographic area and eliminating lengthy commutes from home to office. However, the shift has not been without challenges and very real risks.

As we move into a recovery phase, leaders must remain alert to the challenges brought by an environment with minimal face-to-face interaction, the potential for feelings of social isolation, the need for different ways to access information or support, and the natural distractions of being at home.

For leaders, scheduling regular check-ins and establishing rules of engagement has not changed, regardless of whether you work in an office or at home. However, with a majority of our workforce currently at home, we need to get creative in the way we support and engage our teams.

2. Manage the new risks

This shift from in-office environments to hybrid or remote work environments has brought to light many physical, psychological and technological risks. Leaders must build out their risk management framework to incorporate a broader lens.

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It is now paramount to ensure team members have access to resources to work from home safely and comfortably, with the right technology support and a focus on open lines of communication.

The pandemic has also brought on feelings of isolation and fear for many. If you have yet to adjust your workplace mental and physical support offerings, do not neglect these critical needs any longer. Ensure such offerings are also set up for those workers continuing in a hybrid or fully remote setting.

3. Prioritize communication

How we communicate and engage with our teams is as important as ever. Whether it’s Zoom, Slack, Webex, Microsoft Teams or any of the other platforms we have increasingly relied on over the past year, we need to provide opportunities for both formal and informal communication to flow.

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Through informal social connections, leaders can demonstrate emotional support and consideration for their team, which ultimately leads to higher engagement.

When leaders are engaged, supportive, and available to their employees, it helps reduce feelings of isolation and reinforces your strong company culture. At the end of the day, when team members feel they work for an organization that supports their ambitions and wellbeing, it increases productivity, retention, and cost savings. This translates to bottom-line success.

Six Considerations Impacting Strategic Regulatory Change Management

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Regulatory change management (RCM) is one of the most important risk and compliance related domains in 2021, thanks to two key drivers. First, the shift from Republican deregulation to Democratic control and an expected uptick in regulatory requirements. Second, similar to the 2008 crash, the pandemic-induced economy and focus on Paycheck Protection Program (PPP) loans caused many banks to relax their regulatory exams and requirements, while regulators gave companies extra runway for transitioning processes and policies for remote/work-from-home models.

Sometimes regulatory changes are significant enough to change business strategy. In 2021, chief risk officers must be prepared to quickly adapt and react to a historically volatile risk management environment.

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When thinking about an updated, strategic regulatory change management program, here are six considerations for chief risk officers:

1. Lax compliance during the pandemic in 2020 may have introduced hidden risk for activities that normally would have had deeper oversight. 
Sometimes rule changes can also introduce new risks or eliminate a previous risk that needed to be managed, such as potential new default rates around extensions, forfeiture and other things. For example, historically low interest rates present a vexing risk for banks dealing with less profit but just as many loans to process.

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What kind of new risk may be found within those loans?

2. When communicating change across the enterprise, establish responsibility to manage it.
Once you understand which regulations have changed, prioritize those that present the most risk, identify what department’s products and processes are impacted, and determine who is responsible for managing those policies. Having a secure central repository for communicating, storing and managing compliance documentation, versus relying on employees storing information on devices outside corporate servers, is ideal.
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3. If conducting quarterly testing of compliance requirements, it may be challenging to identify key areas in advance that could slip, such as controls around IT/cybersecurity.
When the risk portfolio changes, the controls to manage those risks must be updated accordingly. Firms that may now be less dependent on management oversight and more dependent on confirmations that processes are being followed should put automated controls in place to verify those activities.

4. Companies should shift to best practice or common checklists that can be standardized and shared across the enterprise. 
Assessment checklists are a great way to ensure that all requirements are being met for a wide variety of business processes. Once checklists have been updated, cloud-based software systems can track who has access and can also notify when changes happen. 

5. Historically done manually in-house by visible teams, monitoring and testing for compliance purposes will be conducted remotely. 
The visibility of those tests presents significant challenges, and it is critical to determine how errors and issues will progress and be communicated to the remote testing teams, management, and the organization at large. 

6. Verifying and certifying online training for remote employees can be daunting. 
Creating courses formalized for online training represents a major compliance and process change, particularly for companies in industries with limited work-from-home models, such as financial services. Training materials will need to be updated for new employees, while previously trained employees will need to be retrained. 

Three Ways to Reduce Insider Threat Risks During COVID-19

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Months into the pandemic, organizations have recovered from the initial emergency of trying to ensure that their employees could safely work from home. They now realize that this remote reality will be extended—and they need to determine if they have the right cybersecurity protections in place. Most importantly, they need to stop insider threats, which account for more than 30% of all data breaches.

A long-term commitment to remote work requires a commitment to stopping data loss due to compromised, negligent, or malicious insiders. According to the Ponemon Institute, before the pandemic, the average annual global cost of insider threats rose by 31% in two years to $11.45 million, and the frequency of incidents spiked by 47% in the same period. Security teams are in a constant battle to stop cybercriminals from stealing employee credentials, prevent malicious employee action, and correct accidental user behaviors—all of which can result in unintended data loss. Three ways to reduce insider threat risk are:

1. Conduct a Comprehensive Insider Threat Risk Assessment

Each organization has a unique set of risks from insider threats. Be sure to complete a comprehensive risk assessment to identify your most important data and systems, who can access them, and the security controls you have in place to protect your organization. It is important to remember that data loss potential increases every time new information is created and stored. An organization’s most valuable assets (its people, including employees, contractors and partners) can also become its greatest vulnerability without sufficient data controls in place.

After assessing your environment, focus on identifying key risks and weaknesses to address. Successful elements include building a dedicated insider threat function to protect sensitive data, investing in training, and providing real-time policy reminders for users. Work with your HR team to educate and empower employees in subjects like secure data handling, security awareness, and vigilance. Following these steps will address and mitigate insider threats while establishing consistent, repeatable processes that are fair to all employees.

2. Place People at the Center

From a risk standpoint, organizations must place people at the center of their overall cybersecurity strategy—especially as the workforce becomes more distributed. According to Proofpoint, more than 99% of cyberattacks require human interaction to be successful. Chances of a successful attack only increase when employees are remote. Ultimately, data does not just get up and walk away—it requires someone to perform an action. So a people-centric security approach is necessary to mitigate critical risks across email, the cloud, social media and the web.

First, significantly limit access to non-essential data. Second, limit how long specific users can access the information they need to complete a task. For example, not everyone needs access to customer records. Be sure your security technology can differentiate between malicious acts, accidental behavior, and cybercriminal attacks using compromised employee accounts. This intelligence helps organizations respond according to the incident and provides context around the activities that took place.

Finally, detecting and preventing insider threats is a team sport. It is important to ensure the right stakeholders from each department are involved in your security program. This should include operations, human resources, IT, legal, and of course security.

3. Insider Threat Technology at Work

Organizations need to take a holistic approach to combating insider threats, especially during the pandemic. When assessing insider threat technology, be sure to first consider the performance impact of any solution and its associated scalability, ease of management, deployment, stability and flexibility. Select a solution that provides visibility into user behavior while complementing the tools your organization already uses.

A dedicated insider threat solution reduces threats by helping organizations identify user risk, prevent data loss, and accelerate incident response. This approach also distinguishes malicious acts from simply careless or negligent behavior.

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A more comprehensive cybersecurity program, while also putting training in place, can address negligent behavior before it becomes a security concern.

In 2020, everything about how and where we work changed.

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Unfortunately, both external and insider data breaches are accelerating. Organizations are losing more data due to compromised, negligent, or malicious insiders, so it is time to place people at the center of your cybersecurity strategy. Today’s COVID-19 reality weighs heavily on security teams.
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An effective combination of people, process, and technology can help remediate one of the most critical risk factors facing organizations around the world today.