BCP and COVID-19

Financial services is a critical infrastructure sector. Through SIFMA, the industry has a robust infrastructure for dealing with incidents that can interrupt business and market functions.

Registration is open for SIFMA’s annual Industry-Wide Business Continuity Test, to be held on Saturday, October 24, 2020. Refer your team or register today.

Coronavirus (COVID-19) Resources

SIFMA is closely monitoring the Coronavirus (COVID-19) and its impact on our industry and the markets.

Financial services is a critical infrastructure sector as defined by the U.S. Department of Homeland Security. Its assets, systems and networks, whether physical or virtual, are so vital to the U.S. that their incapacitation or destruction would have a debilitating effect on security, national economic security and national public health or safety.

In the event of a significant incident that affects or has the potential to affect the operations of the financial system, SIFMA helps to coordinate the financial industry’s business continuity planning efforts. These efforts are managed through SIFMA’s Emergency Crisis Management Command Center, which identifies the status of industry participants, disseminates vital information and facilitates actions to assist market response and recovery. Coordination is arranged amongst financial firms, exchanges, industry utilities, regulators, government agencies and public sector emergency managers. SIFMA also has an Emergency Site for industry alerts.  SIFMA regularly engages in BCP exercises and we have a high degree of confidence in the industry’s ability to respond to and recover from emergencies.  We continue to monitor the situation closely.

Related Resource: COVID-19 Resource Center

Important Information for Essential Workers

Financial firms whose essential staff who may be traveling to critical facilities during hours when shelter-in-place directives are in force should physically carry on their persons:

Responses to COVID-19

Administration/Regulatory Response

Resources for COVID-19

See also: COVID-19 Resource Center

Industry-Wide Business Continuity Test

Registration is now open for SIFMA’s Industry-Wide Business Continuity Test. 

This critical exercise for financial operations professionals demonstrates our industry’s ability to operate through a significant emergency using backup sites, recovery facilities and backup communications capabilities across the industry. SIFMA urges all firms to participate in this important event, which will be held on Saturday, October 24. Refer your team or register today.

More SIFMA BCP Resources