Business Continuity

After September 11, 2001, the Federal Reserve implemented a number of measures to promote the continuous operation of financial markets and to ensure the continuity of Federal Reserve operations in the event of a future crisis. The process of strengthening the resilience of the private-sector financial system, focusing on organizations with systemic elements, is largely accomplished through the existing regulatory framework. In 2003, responding to the need for further guidance for financial institutions in this area, the Federal Reserve Board, the OCC, and the SEC (Securities and Exchange Commission) issued the “Interagency Paper on Sound Practices to Strengthen the Resilience of the U.S. Financial System.” The paper sets forth sound practices for the financial industry to ensure a rapid recovery of the U.S. financial system in the event of a wide scale disruption that may include loss or inaccessibility of staff. Many of the concepts in the paper amplify long standing and well recognized principles relating to safeguarding information and the ability to recover and resume essential financial services

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