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Whole Industry Simulation Exercise (WISE)
WISE is one of the key initiatives of HKFSBCM
WISE (Whole Industry Simulation Exercise) creates a unique opportunity for participating organisations to exercise their response strategies to potential crisis situation, where the whole industry is impacted. Similar industry-wide exercises are organized in other countries, for instance the Quantum Dawn exercises in the US, the Raffles/IWE exercises in Singapore.
Crisis Management
Crisis management (CM) is the process by which an organization deals with a major event that threatens to harm the organization, its stakeholders, or the general public. In many countries, banks jointly engage in industry-wide table top exercises, where the Crisis Management Team (CMT) from each organization discusses the response to a challenging hypothetical situation, or a scenario, which is unfolded from a central simulation centre. Similarly, WISE 2015 was an industry-wide crisis management exercise where participating organizations jointly exercised their abilities to respond to the different crisis scenarios.
Tabletop Exercise
In a tabletop exercise, the crisis management team is called together on a pre-announced date and time. What they do not know, however, is the scenario that will unfold. Through so-called 'injects', which can be situation reports, emails, phone calls, or even newscasts, the CMT is informed of simulated developments of a crisis situation. The CMT members will then have to respond, live, as if it was real. Because it is a table-top exercise only, no real actions are taken, for example, they will not evacuate the building or activate a recovery site. H
WISE is an industry wide table-top exercise where one central simulation team sent injects to all participating CMTs.