WASHINGTON -- The Treasury Department has announced that it will sponsor an industry-wide exercise in the fall for the financial services sector to test its response plan for pandemic.
"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," Treasury Deputy Assistant Secretary for Critical Infrastructure Protection and Compliance Policy D. Scott Parsons said. "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."
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, of which CUNA and NAFCU are members. The FBIIC-FSSCC Pandemic Flu Exercise of 2007 will begin Sept. 24 and run three weeks, focusing on the continuity of financial services in the event of a pandemic crisis. The exercise will examine several aspects 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 Web site hosted by the Securities Industry and Financial Markets Association. Registration information will be available in the coming weeks.