Leaders from the financial and energy sectors today announced the establishment of the Analysis & Resilience Center (ARC) for Systemic Risk, a non-profit, cross-sector organization designed to mitigate systemic risk to the nation’s most critical infrastructure from existing and emerging threats.
The ARC will conduct analysis of systemically important critical systems, assets, and functions; further capabilities to monitor and warn against threats to those systems, assets, and functions; and develop resilience measures. This work will be conducted through private sector-led operational collaboration between ARC’s member companies, sector partners, and the U.S. Government.
“The only way to effectively address systemic risk to our nation’s most critical infrastructure is through public-private, cross-sector operational collaboration,” said Scott DePasquale, President and CEO of the ARC. “The ARC will ensure a scalable model is adopted for improving joint risk identification, intelligence cooperation, and early warning with critical infrastructure operators and U.S. Government partners.”
The ARC will build upon the frameworks and models for addressing systemic risk originally developed by the Financial Systemic Analysis & Resilience Center (FSARC), which was launched by the Financial Services Information Sharing and Analysis Center (FS-ISAC) in 2016. FS-ISAC is contributing FSARC’s operations to advance the mission of the ARC and will continue to collaborate with the ARC as appropriate along with the Electricity Information Sharing and Analysis Center (E-ISAC).
“FSARC and its members successfully developed an approach to identify and address systemic risk in the financial sector,” said Craig Froelich, Chief Information Security Officer at Bank of America and Chairman of the ARC Board of Directors. “Leveraging this approach to other critical infrastructure sectors will help ensure continued service to customers, clients, partners, and the broader ecosystem through increased resilience.”
The ARC seeks to establish a unified, cross-sector coalition that applies consistent approaches to assess, prioritize, and mitigate risk to critical systems, assets, and functions that are interconnected, interdependent, and digitally exposed.
“There must be a hand-in-glove relationship among the operators of systemically important critical infrastructure and the government to enhance the resilience of the systems and assets that underpin national critical functions, and ultimately our national security,” said Tom Fanning, CEO of Southern Company and ARC Board of Directors Executive Committee member. “We see the ARC as the central platform for critical infrastructure sectors to drive private sector and government collaboration and strategy on systemic risk going forward.”
“I am proud of the role FS-ISAC played in standing up FSARC and proactively responding to demands for focused collaboration among designated critical infrastructure entities,” said Jerry Perullo, Chief Security Officer at the Intercontinental Exchange, Inc., Chairman of FS-ISAC, and ARC Board of Directors member. “With that mission accomplished, I am excited to see the evolution into the ARC and look forward to collaborating with designated critical infrastructure in other sectors, beginning with energy.”
In the future, the ARC membership will be expanded to other owners and operators of critical infrastructure entities designated as critical to the country’s national security.
About the Analysis & Resilience Center (ARC) for Systemic Risk
The ARC is a non-profit, cross-sector organization designed to mitigate systemic risk to the nation’s most critical infrastructure from existing and emerging threats. We facilitate operational collaboration between our critical infrastructure members from the financial and energy sectors, the U.S. Government, and other key sector partners in a secure environment to assess, prioritize, and mitigate risk to critical systems, assets, and functions.
The ARC was jointly established by leaders from the financial and energy sectors to build upon the frameworks and models for addressing systemic risk originally developed by the Financial Systemic Analysis and Resilience Center (FSARC). The ARC’s members are owners and operators responsible for the systems and assets that underpin national critical functions.