Flu pandemic drill for financial institutions

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Flu pandemic drill for financial institutions

By Lee, The Straits Times, Wed, Aug 20, 2008

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.

This article was first published in The Straits Times on August 18, 2008.

http://health.asiaone.com/Health/News/Story/A1Story20080820-83237.html