Source: Financial Services Technology Consortium
The Financial Services Technology Consortium (FSTC) today announced that 15 leading financial institutions and technology companies have undertaken its Resiliency Maturity Model Project, whose goals are to create, for the first time, benchmarks for continuity planning, traversing all areas of a financial enterprise.
This project is critical in order for institutions to adequately plan and measure their resiliency activities against a set of industry standards and establish a process improvement roadmap. This project is a follow-on to the highly successful Business Continuity Compliance Project that concluded in June 2005. That effort clarified a confusing web of 100 global continuity regulations and digested them into single set of commonly understood language and terms.
"Financial institutions clearly recognize the importance of having plans and methodologies in place to ensure business continuity in the event of an unforeseen circumstance or disaster," said Zachary Tumin, Executive Director of FSTC. "Currently, there are no industry-wide benchmarks against which institutions can measure their resiliency performance and make investment decisions. The results of this effort will be invaluable to the industry going forward."
"The level of interest in this important project has been outstanding," said Charles M. Wallen, Managing Executive of FSTC's Business Continuity Standing Committee, and project director. "Financial institutions and technology providers have joined forces to work together to develop a methodology that will allow organizations to measure and monitor their resilience against a common standard. We are partnering with a world renowned research organization whose work in maturity models for technology organizations is a proven framework that FSTC members can adapt to resiliency for people, technology, and processes in financial services."
FSTC brings together diverse, and often competitive financial institutions, industry services providers, government agencies, and others to collaborate and find solutions to key industry challenges. Project topics come from member financial institutions and are driven by participating members with the support of FSTC staff.