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The business continuity working group (CODISE)

A working group called CODISE (Continuità di Servizio), has been set up to help to guarantee business continuity in the Italian financial market in the event of operational difficulties, including severe or catastrophic crisis. The group is coordinated by the Banca d'Italia in agreement with the CONSOB (the Italian stock exchange commission) and consists of representatives of the leading banking groups and the companies that manage infrastructures essential to the orderly working of the financial system.

CODISE is the coordinating committee for all activities, both within and outside the Banca d'Italia, relating to the handling of operational crises in the national financial system. In the event of a crisis affecting domestic operators, the CODISE coordinator must provide the necessary liaison with the Banca d'Italia's crisis management units, other domestic financial operators and the European Central Bank.

CODISE currently performs a number of functions:
- it coordinates the handling of operational crises involving the infrastructure and/or participants in the Italian financial system;
- it represents the Italian financial market in Eurosystem coordination activities;
- it interfaces with the other sector authorities (Civil Protection and the CONSOB);
- it serves as contact point for Italian operators in an emergency;
- it runs simulations, including those coordinated by the Eurosystem, and evaluates the results and the impact on emergency management plans in terms of business continuity.