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B THE FINANCIAL SECTOR: KEY SUPERVISORY
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  Risk Management 55
 
Financial Crisis Management Exercise  
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Industry-wide Business Continuity Exercise-Exercise Raffles  







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Industry-Wide Business Continuity Exercise - Exercise Raffles
 

On 9 May 2006, Singapore held its first large-scale industry-wide business continuity exercise for the financial sector. Code named “Exercise Raffles”, the exercise tested industry-wide coordination and response to a major operational disruption affecting the financial sector as a result of terrorist attacks. In addition, it allowed participating institutions to test and exercise their own decision-making process, as well as crisis management and business continuity plans. More than 4000 participants from over 170 financial institutions, infrastructure providers1, civil authorities2, SGX and MAS were involved in the real-time exercise spanning three-and-a-half hours. Singapore is the only financial centre outside of London to have conducted an exercise of such magnitude and complexity.


1 Banking Computer Services Pte Ltd, CAPS Pte Ltd, Singapore Exchange Ltd, SWIFT and key disaster recovery service
   providers.

2 Ministry of Home Affairs, Singapore Police Force, Singapore Civil Defence Force and Land Transport Authority.