These attacks highlighted a potential systemic risk to financial institutions worldwide in the event of a prolonged disruption of their operations. Multi-lateral co-ordination to ensure business continuity in the financial industry has received considerable attention since these attacks, and South Africa and the SARB are glad to be involved in these initiatives.
The Bank has played an active role in the establishment of a Financial Sector Contingency Forum, which is responsible for the identification and management of potential crisis events that might threaten the stability of the South African financial sector.