UK exercise to test financial impact of AI
The UK's Financial Services Authority (FSA) has
devised a test to examine how the nation's financial institutions would hold up
in the case of an avian flu pandemic.
Around 60 banks, insurance firms and other financial businesses will take
part in the six-week exercise exercise, which is scheduled to begin on 13
The exercise, which will look at a number of factors including how firms
could cope with a greatly reduced workforce, was announced by FSA
Mr McCarthy said that government departments, health agencies and other
experts were also involved in the simulation.
"I am confident that we will all learn much from this test - as we need to
do," he said.
"It is an area we would neglect at our peril, and we are determined not to
allow this to happen."
The announcement of the avian
exercise came as Mr McCarthy said the UK's financial services industry
remained in good shape, but should never be complacent about possible economic
downturns over the horizon.
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