FROM THE OFFICE OF PUBLIC AFFAIRS
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December 7, 2004
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Treasury Releases Report on Critical Financial Infrastructure Protection
Treasury Releases Report on Critical Financial Infrastructure Protection Study to Serve as Model for Regional Coalitions to Strengthen Resiliency of Financial Sector
The Treasury Department today released a study commissioned by the Department in coordination with BITS, the technology branch of the Financial Services Roundtable. The study will provide a model for the nation's regional financial centers to protect and strengthen their critical financial services infrastructure at the local level.
The study is based on the experiences of ChicagoFIRST, a regional coalition of financial institutions and local governmental organizations that banded together to strengthen the Chicago financial services industry and coordinate with local, state, and federal government agencies in the event of a potential natural or manmade disorder.
"ChicagoFIRST is exemplary. It shows what a creative, dedicated group of individuals and organizations can do, working together, to protect and strengthen financial services readiness on a regional basis. These 'lessons learned' serve as a model for other regional coalitions," said Treasury Assistant Secretary for Financial Institutions Wayne A. Abernathy. "This past year, we visited over two dozen leading financial communities across the nation to encourage local organization. This 'cookbook' will help people in those communities succeed in coming together," Abernathy said.
ChicagoFIRST was established in the wake of September 11 to protect the lives of the people who work for its members, protect the financial assets that have been entrusted to its members and to coordinate employee evacuations and access to restricted areas with local authorities in the event of an emergency.
As the lead agency for the financial sector, the Treasury Department continues to seek innovative ways to protect critical financial infrastructure here in the United States. The Department backs the concept of regional coalitions to augment existing information sharing efforts and will continue to work with interested groups to facilitate their formation. The Department has supported ChicagoFIRST and hopes it can be a helpful example for communities around the nation.
The study outlines the lessons derived from the creation of ChicagoFIRST and the steps necessary to apply this model to other regions.
You can view the report, "Improving Business Continuity in the Financial Services Sector: A Model for Starting Regional Coalitions," at the link below. Media interested in contacting ChicagoFIRST should call (312) 322-6267.
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