As we saw during 9/11, that being prepared and able to provide accurate and timely information to the public is critical to maintaining public confidence in the financial system. Supervisors, in encouraging banks and other market participants to strengthen business-resumption plans, still have much to learn from financial institutions and experts in business-continuity planning.
We have much less experience in modeling and predicting these operational risks than we have for understanding credit or market risk, and some threats may be too idiosyncratic to be modeled at all.