Business Continuity Exercise to Bolster Singapore Financial Sector’s Operational Resilience
JOINT MEDIA RELEASE
Business Continuity Exercise to Bolster
Singapore Financial Sector’s
Operational Resilience
Singapore, 15 October 2024…The Monetary Authority of Singapore
(MAS) and The Association of Banks in Singapore (ABS) jointly
conducted today a business continuity exercise with financial
institutions to strengthen the financial sector’s crisis management
and operational resilience.
2 Codenamed “Exercise Raffles”,
this seventh edition of the exercise included 20 key financial
institutions from the banking, payments, securities and insurance
sectors.
Participants were put through simulated exercise
scenarios ranging from IT outages, cyber- attacks and operational
disruptions. The aim was to test the institutions’ ability to
effectively respond to and recover from operational and business
disruptions, as well as their crisis communication plans. The
learning points gleaned from the exercise will be used to further
reinforce the financial sector’s crisis response and operational
resilience.
3 Mr Vincent Loy, Assistant Managing Director
(Technology Group), MAS, said, “The financial sector’s extensive
digital transformation underscores the need for stronger
collaboration among financial institutions and financial
infrastructure operators to enable timely recovery of services during
a crisis. Exercise Raffles brings together both public and private
sectors to validate and refine response capabilities to improve crisis
preparedness. As IT system and operational disruptions may occur from
time to time, it is imperative for the financial sector to fortify
our collective competencies to deal with the associated risks and
ensure swift recovery of critical financial services. This is to
preserve public confidence in the continued delivery of financial
services. ”
4 Mrs Ong-Ang Ai Boon, Director of ABS, said,
“Exercise Raffles, conducted since 2006, is an important platform for
the financial sector to rigorously test and enhance our resilience in
the face of potential disruptions. By working closely with MAS and
other stakeholders, we ensure that our systems stay resilient and
continue to deliver essential services. We appreciate the dedication
and commitment of the various working committees which made this
Exercise possible. ” ****