Business Continuity Planning

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.

In addition to business continuity planning efforts on behalf of the industry, SIFMA has coordinated requests for regulatory relief, monitored market trends and metrics, and looked to how the markets and industry might be reshaped by the pandemic. View more information and resources on the COVID-19 response.

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:

• Memorandum on Identification of Essential Critical Infrastructure Workers During COVID-19 Response (CISA, March 28, 2020);
• Statement by Secretary Steven T. Mnuchin on Financial Services Sector Essential Critical Infrastructure Workers, (U.S. Department of the Treasury, March 22, 2020);
• Documentation, on company letterhead, detailing work-related travel and how it aligns with the financial services sector list of essential critical infrastructure workers; and
• A company identification card and government-issued ID.

SIFMA’s industry-wide business continuity test is a critical exercise that highlights 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 annual event.

The 2021 Industry Test was held on Saturday, October 23, 2021. Learn more.

The 2022 test will be held on Saturday, October 15, 2022.

Cybersecurity is a top priority in the financial industry to ensure the security of customer assets and information and the efficient, reliable execution of transactions within markets.

• Cybersecurity Resources for Member Firms
• Cybersecurity Issue Page
• Quantum Dawn Cybersecurity Exercises
• GFMA Work on Cybersecruity and Operational Resiliency

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.

• BCP Inquiries: Tom Price and Tom Wagner
• Media Inquiries: Katrina Cavalli