Why banks must prepare for a 'black ash' event

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An event such as a giant volcanic ash cloud closing the European airspace for almost a week is proof that so-called black swans – or extremely rare loss events – really do happen. The chaos caused by the eruption of Iceland's Eyjafjallajökull volcano brings home the importance of having business continuity plans in place that prepare for all eventualities.

"The volcanic ash cloud and the effect across Europe is truly unique and an outlier scenario. This resembles a black swan event that we can c