Under pressure. Got to keep things going – advancing toward the goal. A midfielder passes the ball to a striker. A guard feeds it to a power forward. A quarterback throws a spiral to a running wide receiver.
Worldwide, whether it’s a net, a basket, a goal line or a completed deal, getting there often requires passing the ball when one part of your playing surface is inoperable. And the preparations you made – the “what if” scenarios that you’ve devised a plan for – pay dividends when you have an opening and are able to score.
In finance, passing the ball can be not only effective, but also essential when real world events – such as protests in the streets, regime changes, or the effects of snowstorms, tsunamis or earthquakes – prevent normal access to offices, turrets and your trading floor. You’re under pressure to keep things going – to find open space that lets traders continue to maneuver, make progress, close deals.
Preparedness is everything. And here are three easy, power moves that every trading firm needs before a catastrophe that will pass the trading ball to reduce risk and mitigate loss.
- Centralization and Redundancy – centralize infrastructure resources in hardened locations with inherent redundant access to counterparties and critical lines
- Compliant Access and Mobility – make compliant access to trading communications ubiquitous with a range of devices, soft turrets and mobile apps
- Seamless Global Coverage – 24-hour access to support teams with dedicated, trading communications and networking expertise to render immediate and “follow-the-sun” assistance when a crisis occurs
Business continuity planning (BCP) is as critical to trading firms as the often-rehearsed two-minute drills, audibles and back-up plays are to sports teams. With the right platforms, applications, devices and support expertise in place it’s much easier for your firm to “pass the ball” to an open trading floor, laptop or device that let’s your traders keep trading when the pressure is on.
Preparedness always helps you score big.