The Paris Resilience Group was set up in 2005 at the initiative of the Banque de France to meet two objectives:
Resilience: to improve the financial system’s ability to cope with shocks affecting critical functions, such as payment systems, liquidity and support for financing the real economy.
Maintain the credibility of the Paris financial centre: already perceived by international investors as one of the most robust financial centres in the event of a major operational crisis.
Enhance the Paris Resilience Group in order to ensure that a disaster does not lastingly compromise the functioning of the financial system.
Since 2006, the Paris Resilience Group has regularly carried out crisis simulations using scenarios likely to severely affect the functioning of the Paris financial centre as a whole. It uses crisis communication and management tools.
The Paris financial centre has thus been able to demonstrate that it can cope with different types of crisis, ranging from natural disasters (flood and epidemics, etc.) to man-made crises (cyber-attack).
In this respect, after tests on scenarios including a power outage in 2008, an A/H1N1 flu pandemic” in 2009 and a 100-year flood of the Seine in 2010, regular exercises have been organised by the Paris financial centre to test its resilience, using different scenarios.
The Paris Resilience Group meets regularly to improve the resilience of the Paris financial centre and to discuss the tests conducted both within institutions and on other major financial centres.
At the same time, the Banque de France has put in place a Threats Observatory, charged with identifying events that could generate major crises for the Paris financial centre.
Updated on: 06/12/2018 10:33