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The Year 2000 - A Challenge for Financial Institutions and Bank Supervisors
V. Summary
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44. The Year 2000 issue is potentially the biggest challenge ever faced by the financial industry. Every automated system including equipment with computer chips embedded inside is potentially at risk and must be analysed and renovated or replaced if needed. Unlike most automation projects that can be staggered as to schedule and delayed if problems are encountered, all critical renovations must be addressed at once with no possibility for extending roll out deadlines. If resources and time prevent some non-critical applications from being renovated, the implications of such deferrals should be thoroughly analysed. As individual applications are addressed, they will have to be tested. In an age with extensive linkages among applications and interconnectivity among institutions, the testing process is enormous because tests must be done repeatedly as new components become compliant. Institutions that are not already addressing the Year 2000 date change as a strategic priority need to focus on this challenge immediately. September 1997
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The Year 2000 - A Challenge for Financial Institutions and Bank Supervisors
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