Emergency Crisis Management Command Center

Through our Emergency Crisis Management Command Center, SIFMA provides critical services, information and resources to the financial industry to maintain or restore business activities in the event of emergencies or other interruptive incidents.

About

In the event of a significant incident that affects or has the potential to affect the operations of the financial markets, SIFMA coordinates the financial industry’s business continuity planning efforts. These efforts are managed through the Emergency Crisis Management Command Center, which identifies the status of industry participants, disseminates vital information and timely updates on the recovery of the markets and facilitates actions to assist market participants in resuming their business. Coordination is arranged amongst financial firms, exchanges, industry utilities, regulators, government agencies and public sector emergency managers.

A significant emergency or incident can be regional or national, and may include events such as:

  • Physical and cyber terrorism
  • Major industry IT or operations failures
  • Snow storms
  • Floods
  • Hurricanes
  • Pandemics

 

How it works

If a significant emergency or incident is detected, SIFMA assesses the situation at hand with a team of representatives from across the industry. If warranted, the Emergency Command Center is activated. Once activated, SIFMA coordinates an orchestrated sequence of events:

  • Convene members of the SIFMA BCP Committee along with other interested parties to discuss the situation and next steps. Emergency alerts are disseminated with relevant information through websites and conference calls.
  • Make any fixed-income or equity market closure recommendations through the SIFMA Market Response Committees.
  • Continue coordination with exchanges, industry utilities, regulators and public sector emergency managers. The public sector represents local, regional and national government agencies such as U.S. Treasury, Homeland Security and through bodies such as the New York City Office of Emergency Management (OEM) and Emergency Operations Center (EOC), at which SIFMA holds and staffs an industry seat.

Throughout the incident, information is disseminated and coordinated amongst relevant parties until the situation is resolved

Exercises

Cybersecurity
Practice and improve coordination for cybersecurity incident response, resolution and coordination processes with Quantum Dawn 3.

Pandemics
Firms can use FEMA’s pandemic template and exercise series to run an exercise specific to their needs today as well as to support their long term planning goals.

Industry Testing

SIFMA holds industry-wide business continuity planning testing to encourage readiness for emergencies.

Resources

SIFMA and its members that are active on the Business Continuity Planning (BCP) Committees have assembled BCP resources that can help firms access key information from many of the private and public sector organizations we collaborate with.

For information regarding related committees, visit SIFMA’s operations and technology committees.

For additional information on BCP or SIFMA’s Emergency Crisis Management Command Center and Industry Testing, please email Thomas Wagner.