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Hong Kong Monetary Authority and regional banks conduct a business continuity exercise On June 14th, 2014, The Hong Kong Monetary Authority (HKMA) conducted a banking sector business continuity exercise, with 55 banks taking part. The exercise assumed that due to unexpected events, the headquarters or other important operating sites of banks located in Central, Hong Kong, as well as the HKMA's head office, became inaccessible. The exercise sought to test the reliability and stability of the communications between the HKMA's and participating banks' back-up offices. Banks were required to invoke their business continuity plans and submit regular situation reports to the HKMA's back-up office. The Chief Executive of the HKMA, Mr Norman Chan, said, "Central is the hub of banking and financial operations in Hong Kong, and we do not want to see disruptions of the normal operation of banks. As the supervisory authority for banks in Hong Kong, the HKMA must ensure that banks have in place robust business continuity plans so that the core functions of the banking system can be maintained even in extreme circumstances, such as inaccessibility of offices in Central. "Overall speaking, the drill was conducted smoothly and the activation of back-up offices and the various communication channels including email, telephone and fax functioned properly. We are satisfied with the outcome of the drill." •Date: 17th June 2014 • Hong Kong •Type: Article • Topic: BC tests & exercises
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