Financial Sector Resilience

Business continuity exercise to bolster Singapore financial sector’s operational resilience

15 October 2024

MAS and The Association of Banks in Singapore (ABS) jointly conducted the seventh financial sector business continuity exercise codenamed “Exercise Raffles”. Participants from 20 financial institutions in the banking, payments, securities and insurance sectors were put through simulated exercise scenarios ranging from IT outages and cyber-attacks to operational disruptions. The exercise tested the institutions’ ability to effectively respond to and recover from operational and business disruptions. The learning points gleaned from the exercise would be used to further reinforce the financial sector’s crisis response and communication plans, as well as bolster its broader operational resilience.