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Financial Services Sector Coordinating Council formed. (Asis News).

ASIS International, along with 22 financial services trade associations and financial institution utilities and exchanges, has announced the legal formation of the Financial Services Sector Coordinating Council, LLC (FSSCC). The FSSCC is resolved to ensure the safety, certainty, and continuity of capital markets in the face of terrorist threats, war, and other disruptions.

The council will focus its activities on four primary areas:

* Effective and rapid dissemination of threat and incident information to and from the government through the industry's Financial Services Information Sharing and Analysis Center (PS/ISAC)

* Crisis management and response coordination to enable communication across the financial services sector in the event of a regional or national disaster

* Outreach and organizational engagement to ensure that all institutions within the sector understand the industry's critical infrastructure and homeland security objectives and responsibilities.

* Knowledge sharing and best practices to leverage existing work, which can be shared across the sector to improve security and business continuity practices that protect the financial services infrastructure.

"ASIS understands that protection of our financial institutions and networks is fundamental to our economy and to the lives of Americans," says Michael Stack, ASIS executive director. "We are proud to have been involved with this initiative since its inception in June of 2002."

Jack Lichtenstein, director of government affairs for ASIS, explains that "as the security representative on the council, ASIS will work to ensure that the group has access to the best possible information and advice from the nation's top security experts in the banking and financial services sector.

Rhonda MacLean, director of Corporate Information Security for Bank of America, now chairs the council. She has served as its coordinator since her appointment by the U.S. Treasury Department in May 2002. The council will work closely with Treasury, the lead agency for financial services critical infrastructure protection, through its Financial and Banking Information Infrastructure Committee (FBIIC).

"The nation's financial infrastructure is critical-it is the engine of our free-enterprise economy," said Michael Dawson, deputy assistant secretary of the Treasury Department. "As the president has recognized, we must protect it through private-public partnerships. The council plays the central role in coordinating this partnership. I am grateful for the council's leadership."

Other founding members of the council include America's Community Bankers; the American Bankers Association; the American Council of Life Insurers; the Bank Administration Institute; the Consumer Bankers Association; the Credit Union National Association; Fannie Mae; the Financial Services Information Sharing and Analysis Center, LLC; the Financial Services Roundtable and BITS, the Futures Industry Association; the Independent Community Bankers of America; the Investment Company Institute; the Managed Funds Association; NASDAQ the National Association of Federal Credit Unions; NACHA--The Electronic Payments Association; The Clearing House; the Securities Industry Association; the Bond Market Association; and the Options Clearing Corporation.

By Ann Longmore-Etheridge, associate editor of Security Management, and Vicki Contavespi, ASIS International public relations manager.
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Author:Longmore-Etheride, Ann
Publication:Security Management
Geographic Code:1USA
Date:Jul 1, 2003
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