WASHINGTON–Starting late last September, the U.S. Department of the Treasury, The Financial and Banking Information Infrastructure Committee, and the Financial Services Sector Coordinating Council held a pandemic outbreak response exercise.
The voluntary program was a three-week table-top exercise that included banks, securities firms and insurance companies as well as state- and federally-chartered credit unions.
Each participant worked through various scenarios to determine how well they would cope with human resources, continuity of operations, and other issues in the event of a flu pandemic.
A planning committee involving major trade associations, regulators and large and small financial institutions drafted the actual exercise scenario.
Branches could be involved if a financial institution decided that's what they wanted to do.
Sponsors pointed out the exercise would apply not only to a flu pandemic but to issues involving HR, legal, transportation, information technology, and health care, that could arise in any crisis.
Results of the exercise will be published early in 2008
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