WORKING WITH INDUSTRY
Financial Sector Industry-wide Exercise 2008 (Ex Raffles II)
As part of the ongoing initiatives to enhance the resilience of Singapore's financial sector to major operational disruptions, an industry-wide business continuity exercise (IWE 2008) was conducted from 28 August to 11 September 2008. IWE 2008 was jointly organised by MAS, the Ministry of Home Affairs (MHA) and the Association of Banks in Singapore (ABS).
IWE 2008 involved the participation of about 144 financial institutions, including banks, finance companies, insurance companies, securities and broking houses, Singapore Exchange (SGX), as well as infrastructure providers such as the Network for Electronic Transfers Singapore (NETS) and the Automated Clearing House.
IWE 2008 was designed for financial institutions to test their crisis management and business continuity plans, with the aim to enhance the
- understanding of systemic risks to the financial sector during a flu pandemic outbreak impacting Singapore
- preparedness of the financial sector by providing the opportunity for organisations of all sizes within the sector to test their plans
- overall flu pandemic readiness by aligning financial institutions' flu pandemic plans and crisis responses with those of the government and MAS.
The large scale exercise demonstrated the financial industry's commitment to counter the systemic risks engendered by a major operational disruption.