This past December, the Federal Financial Institutions Examination Council (FFIEC) issued guidance regarding financial institution preparedness for a pandemic. The new guidance was a result of information learned from running a simulated pandemic exercise in the fall of 2007 involving more than 2,775 organizations, of which 62% were banks and credit unions with securities firms, insurance companies, and government agencies comprising the remainder. This exercise was sponsored jointly by the U.S. Treasury and the Securities Industry and Financial Markets Association. The exercise was conducted by the Financial and Banking Information Infrastructure Committee (FBIIC) and the Financial Services Sector Coordinating Council (FSSCC). As a result of the findings from the exercise, financial institutions will be expected to update their business continuity plans to reflect the additional risk of pandemics.
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