Two day simulation exercise tests UK financial sector’s resilience to a major operational disruption
- Published: Tuesday, 22 November 2022 11:25
The Bank of England, in partnership with the financial sector and the UK financial authorities (HM Treasury and Financial Conduct Authority), has undertaken a two-day UK market wide simulation exercise, SIMEX 22.
The simulation set out to test the UK financial sector’s resilience to major operational disruption and involved 50 regulated firms as well as the financial authorities.
SIMEX22 aimed to help identify improvements to collective response capabilities, improving the resilience of the financial sector as a whole.
The exercise was developed by the Cross Market Operational Resilience Group (CMORG), a joint initiative between the financial authorities, UK Finance and industry. The initiative aims to improve the resilience of the UK financial sector through collective action.
CMORG will consider the findings from SIMEX22 and ensure that collective capabilities are developed to mitigate any risks that are identified.