The financial sector besides Government, the utilities and transport sectors have worked on contingency plans since Septmber 11, a senior Bank of England figure reports.
The financial sector besides Government, the utilities and transport sectors have worked on contingency plans since Septmber 11, Alastair Clark, Executive Director, Bank of England, told a conference, speaking on the questions to be addressed in contingency planning and disaster recovery. Although September 11 increased the attention paid to contingency planning, it is not a new issue. What?s more, ?despite the scale of the destruction on 11 September, the US and the global financial systems for the most part responded very well.? Communications after a disaster should be a case of communication amongst relevant firms, regulators, service providers, central banks and finance ministries, Mr Clark said. He mooted an information clearing house, possibly on the web. Secondly, there is the issue of ensuring continuity of staff. He added there is ?probably no entirely satisfactory strategy to cope with this threat; the expense and the motivational difficulties of maintaining ?shadow? management and operational capability are probably too great?. Third, there is the need for physical contingency plans, ?which typically depend at least in part on maintaining remote back-up sites?. Also, he asked, how ?big? an event should your contingency arrangements be designed to handle? For details visit www.financialsectorcontinuity.gov.uk. This site covers four areas that continuity plans of financial sector firms and institutions should take in: effective communications; contingency arrangements; reliance on the physical infrastructure; and the ability of the financial markets to respond to a major disruptive event. There are links to HM Treasury, the Bank of England, and theรฟ Financial Services Authority.
