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Business Continuity Planning: Lessons from a Communications Exercise

The Payments Risk Committee (PRC) is a private sector group of senior managers from U.S. banks that is sponsored by the Federal Reserve Bank of New York. Continuity Planning: Lessons from a Communications Exercise, July 9, 2013

“Today banking is more globally and systemically integrated than ever before. It is very difficult to find a business that is fully self‐contained, as evidenced by the 2008 financial crisis. While technology has enabled more efficient access to liquidity, it has also magnified the impacts of systemic disruptions. Global financial institutions are interconnected through the millions of transactions sent by each firm and cleared and settled through the multiple financial market utilities around the world. While firm is individually conduct their own business continuity and resilience exercises, exercises that reach across multiple industry participants create different learning and relationship building opportunities. The more that financial institutions understand their abilities to respond under stressful circumstances, the more the industry participants will be prepared to respond to actual events.”

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