20 October 2017
visit www.response.ncr.com

Wall Street not prepared for bird flu outbreak, says federal watchdog

02 May 2007  |  5059 views  |  0 Statue of Liberty

The US government's watchdog agency says some key financial markets participants are still not fully prepared for dealing with a widespread outbreak of avian flu and has called on regulators to set deadlines by which firms should have contingency plans in place.

In its report on the security and resiliency of US financial markets, the Government Accountability Office (GAO) says of the seven organisations it studied - which included exchanges, markets, clearing houses and payment processors - only one had a fully developed plan for dealing with a bird flu pandemic.

The GAO says although organisations have improved physical and information security measures, most firms are not fully prepared for dealing with a severe outbreak of bird flu and may fail to consider the potential scenarios associated with a pandemic.

As a result the GAO has called on federal regulators to give financial markets a planning deadline.

"Having regulators give greater consideration to providing specific instructions to market participants and setting a date for having pandemic continuity plans complete would increase the likelihood that organisations fully prepare and have adequate time to test and adjust any planned responses in advance of the outbreak of an actual pandemic," says the report.

GAO says The Office of the Comptroller of the Currency, the Federal Reserve and the Securities and Exchange Commission jointly responded to its findings. In a letter the regulators say they will ensure any weaknesses in the ongoing pandemic-planning process are appropriately addressed, and if organizations' efforts are found lagging they will consider taking additional actions, including those suggested in the report.

Over a year ago US regulators called financial institutions across the country to devise contingency plans for dealing with a possible widespread outbreak of avian flu. The Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation and the Office of Thrift Supervision issued a joint advisory notice in March 2006 calling on banks to consider the impact of a possible bird flu pandemic on business.

Earlier this year banks in the UK were forced to re-evaluate bird flu contingency plans after a planning exercise organised by British regulators found that increased staff absences could lead to branch closures and empty ATMs.

Read the GAO report here:» Download the document now 566.1 kb (Adobe Acrobat Document)

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

UK bird flu tests expose contingency planning weaknesses

UK bird flu tests expose contingency planning weaknesses

05 January 2007  |  12392 views  |  0 comments
City to test bird flu contingency planning

City to test bird flu contingency planning

14 September 2006  |  9644 views  |  0 comments
IBM helps businesses plan for bird flu

IBM helps businesses plan for bird flu

09 June 2006  |  8512 views  |  0 comments
Companies warned on bird flu contingency planning

Companies warned on bird flu contingency planning

05 May 2006  |  9418 views  |  0 comments
US regulators urge banks to plan for bird flu

US regulators urge banks to plan for bird flu

20 March 2006  |  6917 views  |  0 comments
FSSCC warns US banks to plan for bird flu pandemic

FSSCC warns US banks to plan for bird flu pandemic

25 January 2006  |  7443 views  |  0 comments
FSA urges City firms to prepare for bird flu

FSA urges City firms to prepare for bird flu

16 January 2006  |  9690 views  |  0 comments
HSBC plans for bird flu pandemic

HSBC plans for bird flu pandemic

10 January 2006  |  10930 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
visit www.vasco.comvisit www.fivedegrees.nlvisit www.innotribe.com

Who is commenting?

Top topics

Most viewed Most shared
Ripple looks to drive bank adoption with $300m XRP rebate programmeRipple looks to drive bank adoption with $...
15924 views comments | 12 tweets | 4 linkedin
Swift positive on blockchain, but big challenges remainSwift positive on blockchain, but big chal...
9026 views comments | 16 tweets | 23 linkedin
satelliteGates Foundation backs Ripple collaboratio...
8166 views comments | 13 tweets | 10 linkedin
IBM uses blockchain to improve cross-border payments processingIBM uses blockchain to improve cross-borde...
7198 views comments | 9 tweets | 17 linkedin
Santander InnoVentures leads $6m funding round for Mexico's ePesosSantander InnoVentures leads $6m funding r...
6338 views comments | 6 tweets | 3 linkedin

Featured job

Find your next job