The Tripartite Authorities (the FSA, Bank of England and the Treasury) have published the latest market-wide exercise (MWE) report.
In November 2009 the Tripartite Authorities carried out the fifth in a series of MWEs designed to assess and improve the UK financial sector’s ability to deal with major operational disruption. The fifth MWE was the first to be based around a severe weather scenario.
The key objectives of the MWE were to:
- Focus on the potential outcomes of severe weather.
- Pursue key issues arising from benchmarking and the 2006 MWE as well as the return to business as usual.
- Explore the relationship between the Tripartite Authorities and the sector during a major operational disruption.
Following the MWE the next steps include:
- The Tripartite Authorities reviewing their strategy for engaging with the sector during such incidents, including the FSC website as an information tool and the range and scope of that information.
- The role of the Tripartite Incident Response Framework will be clarified.
- The Association of British Insurers is considering introducing market wide agreements between general insurers with regard to automatic extension of cover.
- The Building Societies Association is considering forming a specialist Business Continuity Panel to share experience and best practice across their members, and to seek business continuity advice.
View Market-wide exercise 2009 report published, 9 February 2010