Coronavirus Update - 18th March 2020
The Coronavirus situation has been evolving since the first reports emerged in December 2019 and Mondrian’s evaluation and preparedness has also evolved. An update on our business preparedness and the effects of the virus on our investment strategies can be found here.
Following the global outbreak of the Coronavirus and recent rapid escalation in the UK and US, Mondrian has fully deployed its Business Continuity Program. This Program has been designed, and thoroughly tested and adapted over the years, specifically to address various scenarios, including pandemics and other events that may disrupt business as usual, including access to the office, employee mobility and employee health.
The current business continuity measures in place include:
• Invocation of a focused coronavirus situation executive team
• Deployment of departmental Business Continuity Plans and Business Impact Analysis, including assessment of critical staffing levels
• Robust remote access capabilities, with enough capacity for all employees to work from home, simultaneously
These measures have ensured Mondrian’s investment, trading and operations functions of client portfolios have been maintained ‘as business as usual’ during this major interruption event. Our regularly practiced live rehearsals of our Business Continuity Program have left us well prepared. It is also important to remember that we have continued to trade across global markets, including Asia, since the outbreak of the virus in late 2019.
Alongside these in‐place measures, Mondrian has taken the following additional actions:
• Investment research travel to affected areas has been suspended, and research meetings will continue by phone and video conference
• Staff and household members that have traveled to impacted areas have been asked to self‐quarantine in line with public health advice
• Employees have received reminders on steps to prevent virus transmission
• As of Monday, March 16, 2020, our Philadelphia‐based client service office began operating outside of its primary location, with all employees shifting to working from home in adherence to local government and health officials’ recommendations.
• Following further guidance issued by the UK government on March 16, 2020, our London based investment, trading and operations employees also started working from home. As of March 18, 2020, all UK Mondrian staff are now working remotely.
• Deployment of Zoom conference facilities for all staff to assist with collaborating with colleagues remotely, as well as managing the increased volume of external online client meetings taking place in lieu of face to face meetings.
Mondrian remains open and fully operational in both office locations, and our teams continue to provide continuity of service and meet the needs of our clients and consultants effectively. We are confident that our current technology infrastructure and business continuity plans will enable us to maintain the integrity of our investment, trading, operations and high-quality client service via employees working from remote locations and in our readiness to continue to perform in the same manner and effectiveness as if on-site.
Our actions are intended to balance and protect both the health and safety of our employees, while continuing to provide the critical investment management activities our clients have entrusted with us.
Mondrian continues to monitor the coronavirus situation on a daily basis at the executive level and will implement additional measures as appropriate, based on government advice and industry best practice.