Fifteen Financial Institutions, Vendors, and Organizations Convene to Tackle Business Continuity Issues; FSTC Undertakes Significant Project Focused on Providing Benchmarks for Continuity Planning.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- The Financial Services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. Technology Consortium (FSTC FSTC Financial Services Technology Consortium (Electronic Financial Services) FSTC Food Service Technology Center FSTC Foreign Science & Technology Center (Army) FSTC Federal Software Testing Center ) today announced that 15 leading financial institutions and technology companies have undertaken its Resiliency The ability to recover from a failure. The term may be applied to hardware, software or data. Model Project, whose goals are to create, for the first time, benchmarks for operational resiliency traversing tra·verse v. tra·versed, tra·vers·ing, tra·vers·es v.tr. 1. To travel or pass across, over, or through. 2. To move to and fro over; cross and recross. 3. all areas of a financial enterprise. "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 Dan Schutzer, 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." This project addresses the critical need 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 that concluded in June 2005 and the Resiliency Model Project Phase I which concluded in November 2005. The Business Continuity Compliance project clarified a confusing web of 100 global continuity regulations, standards and guidelines guidelines, n.pl a set of standards, criteria, or specifications to be used or followed in the performance of certain tasks. affecting U.S. financial institutions. The team analyzed an·a·lyze tr.v. an·a·lyzed, an·a·lyz·ing, an·a·lyz·es 1. To examine methodically by separating into parts and studying their interrelations. 2. Chemistry To make a chemical analysis of. 3. content, identified commonalities and differences, and examined trends. Phase I of the RM project identified and documented the essential capabilities of operational resiliency, developed a road map toward an eventual process improvement framework, and began the process of creating a common resiliency taxonomy taxonomy: see classification. taxonomy In biology, the classification of organisms into a hierarchy of groupings, from the general to the particular, that reflect evolutionary and usually morphological relationships: kingdom, phylum, class, order, , outlined a process improvement framework for resiliency capabilities, characteristics and goals of sustainability management, and defined resiliency terminology. The second phase of the RM project will continue the team's groundbreaking work. The participating institutions will work together to document the goals and practices of vital operational resiliency processes and develop a draft process improvement framework. The second phase of the Resiliency Model initiative will also develop requirements for resiliency metrics metrics Managed care A popular term for standards by which the quality of a product, service, or outcome of a particular form of Pt management is evaluated. See TQM. and measurements and explore ways in which the process improvement framework can be used to assess an organization's operational resiliency capability. The overall goal of the Resiliency Model project is to define a process improvement approach for operational resiliency that a full spectrum of industries and organizations can utilize to improve their security, business continuity, and resiliency efforts. "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 their technology solution providers have joined forces to work together to develop a methodology that will allow organizations to measure and monitor their resilience resilience (r  ·zilˑ·yens),n against a common standard." FSTC has partnered with the Carnegie Mellon Software Engineering Institute. The SEI's CERT Program is conducting applied research in the application of process improvement techniques to information security and operational resiliency. "CERT's objective is to help organizations to approach operational resiliency in a systematic, predictive manner through the collaboration of disciplines in security, business continuity, disaster recovery, and IT operations management Operations management is an area of business that is concerned with the production of goods and services, and involves the responsibility of ensuring that business operations are efficient and effective. ," said Rich Caralli, senior member of the technical staff at CERT. About FSTC 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. For more information on FSTC, the Resiliency Model Project, or current and future FSTC projects, please visit www.fstc.org |
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