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Flu pandemic drill for financial institutions
Wed, Aug 20, 2008
The Straits Times
By Bryan Lee
FINANCIAL institutions will soon face a life-like test of how they might hold up in a devastating flu pandemic.
A simulation exercise to test their contingency plans for such crises will take place from Aug 28 to Sept 11.
It will centre on a staged flu outbreak on Sept 5 that will 'hit' more than 140 companies, including banks, insurers and stockbrokers. Also participating are the Monetary Authority of Singapore and the Singapore Exchange.
The exercise is being organised by the Association of Banks in Singapore (ABS) and aims to help ensure that the local financial sector is prepared should such a global catastrophe occur.
A flu pandemic is classified as one of the biggest risks that the world faces, especially after the recent emergence of the highly lethal bird flu.
Britain, for instance, considers a flu pandemic a bigger threat than terrorism. While the probability of a terrorist attack is higher, the scale of damage from a flu epidemic is far greater.
'It's many times worse than Sars,' said ABS director Ong-Ang Ai Boon.
The flu exercise will be the second industrywide crisis simulation in Singapore. The first, held two years ago, assessed financial institutions on their decision-making and communication procedures in the face of a major terrorist attack.
This time, the widespread nature of a flu pandemic means that coordination between companies and the Government will be put to the test as well, said Mrs Ong-Ang.
High levels of absenteeism - as high as 40 per cent - have been identified as a key challenge in this scenario as people die, are quarantined or stay home to look after their children, she added.
Much of the exercise will not be visible to the public as participating institutions will need only to come up with response plans as scenarios are presented to them, without actually carrying them out.
But on the morning of Sept 5, a practical drill simulating a red alert for widespread infection will be conducted at branches of banks and other customer centres, mostly around the Central Business District.
Temperature scanners and face masks are expected to be put up at participating outlets until 11am, when the drill ceases.
The exercise ends with a feedback session in which participants will share their experiences and look for ways to improve. The exercise will cost $1.5 million and is sponsored by the industry.
Wed, Aug 20, 2008
The Straits Times
By Bryan Lee
FINANCIAL institutions will soon face a life-like test of how they might hold up in a devastating flu pandemic.
A simulation exercise to test their contingency plans for such crises will take place from Aug 28 to Sept 11.
It will centre on a staged flu outbreak on Sept 5 that will 'hit' more than 140 companies, including banks, insurers and stockbrokers. Also participating are the Monetary Authority of Singapore and the Singapore Exchange.
The exercise is being organised by the Association of Banks in Singapore (ABS) and aims to help ensure that the local financial sector is prepared should such a global catastrophe occur.
A flu pandemic is classified as one of the biggest risks that the world faces, especially after the recent emergence of the highly lethal bird flu.
Britain, for instance, considers a flu pandemic a bigger threat than terrorism. While the probability of a terrorist attack is higher, the scale of damage from a flu epidemic is far greater.
'It's many times worse than Sars,' said ABS director Ong-Ang Ai Boon.
The flu exercise will be the second industrywide crisis simulation in Singapore. The first, held two years ago, assessed financial institutions on their decision-making and communication procedures in the face of a major terrorist attack.
This time, the widespread nature of a flu pandemic means that coordination between companies and the Government will be put to the test as well, said Mrs Ong-Ang.
High levels of absenteeism - as high as 40 per cent - have been identified as a key challenge in this scenario as people die, are quarantined or stay home to look after their children, she added.
Much of the exercise will not be visible to the public as participating institutions will need only to come up with response plans as scenarios are presented to them, without actually carrying them out.
But on the morning of Sept 5, a practical drill simulating a red alert for widespread infection will be conducted at branches of banks and other customer centres, mostly around the Central Business District.
Temperature scanners and face masks are expected to be put up at participating outlets until 11am, when the drill ceases.
The exercise ends with a feedback session in which participants will share their experiences and look for ways to improve. The exercise will cost $1.5 million and is sponsored by the industry.
