Accelerating transformation in resilience through sector-wide scenario exercising.

Abstract

This paper explores the outcomes of WISE 2023, a sector-wide exercise conducted within Hong Kong's financial sector, focused on business continuity management (BCM) and enhancing operational resilience in response to emerging crises. The exercise tested financial institutions' crisis response capabilities through scenariobased simulations, fostering improvements in BCM, crisis communication and regulatory compliance. Key insights from WISE 2023 highlight the critical importance of early engagement in the planning process, building a diverse and collaborative core team, and clearly defining objectives to evaluate success. The exercise also underscored the value of incorporating external expertise and technology to enhance realism and coordination. Role clarity and strong leadership were essential for effective execution, while embedding the exercise within a broader, continuous programme fostered long-term resilience. The findings emphasise that post-exercise reviews, continuous stakeholder engagement and iterative learning are vital to maintaining preparedness and operational resilience. This paper provides BCM practitioners and exercise professionals with valuable lessons for improving crisis response in the financial sector. This article is also included in The Business & Management Collection which can be accessed at https://hstalks.com/business/.