US to test ability of financial services sector to respond to pandemic crisis
The US Treasury Department has confirmed it will sponsor an industry-wide exercise later this year for the financial services sector to test its ability to respond a pandemic crisis, such as a bird flu outbreak.
"A lack of preparedness could turn a biological problem into one that seriously affects the availability of financial services to Americans and the global economy," said D Scott Parsons, Treasury Deputy Assistant Secretary for Critical Infrastructure Protection and Compliance Policy. "While the industry has taken up its responsibility and improved its response plans, there is still much work to be done. Treasury is encouraging financial institutions of all sizes from across the country, including banks, credit unions, securities firms and insurance companies, to participate."
President Bush directed Treasury in May 2006 to coordinate with the banking and finance sector to better prepare its response to a pandemic crisis.
The voluntary exercise will bring together the public and private sector through the Financial and Banking Information Infrastructure Committee and the Financial Services Sector Coordinating Council. The FBIIC-FSSCC Pandemic Flu Exercise of 2007, beginning September 24 and running for three weeks, will focus on the continuity of financial services for Americans in the event of a pandemic crisis. The exercise will examine a number of issues including human resources, continuity of operations, and dependencies on other sectors such as transportation, energy and telecommunications.
The test will occur entirely online using a secure website hosted by the Securities Industry and Financial Markets Association. Treasury will release registration information in the coming weeks.
