US Treasury reports on business continuity best practices in the financial sector

The US Treasury Department has released a study commissioned by the Department in coordination with BITS, the technology branch of the Financial Services Roundtable. The study will provide a model for the US's regional financial centres to protect and strengthen their critical financial services infrastructure at the local level.

The study is based on the experiences of ChicagoFIRST, a regional coalition of financial institutions and local governmental organisations that banded together to strengthen the Chicago financial services industry and coordinate with local, state, and federal government agencies in the event of a potential natural or manmade crisis.

"ChicagoFIRST is exemplary. It shows what a creative, dedicated, group of individuals and organisations can do, working together, to protect and strengthen financial services readiness on a regional basis. These 'lessons learned' serve as a model for other regional coalitions," said Treasury Assistant Secretary for Financial Institutions Wayne A. Abernathy. "This past year, we visited over two dozen leading financial communities across the nation to encourage local organisation. This 'cookbook' will help people in those communities succeed in coming together," Abernathy said.

The study, ‘Improving business continuity in the financial services sector: a model for starting regional coalitions,’ outlines the lessons derived from the creation of ChicagoFIRST and the steps necessary to apply this model to other regions.

Read the study

.

•Date: 9th Dec 2004 • Region: N.America •Type: Article •Topic: BC general
Rate this article or make a comment - click here