It is important that firms carefully manage the risks associated with making changes to their internal information systems in 1999 and early 2000. Firms should avoid introducing new IT applications that could generate changes to critical business applications that have been renovated, tested and certified.
The Federal Reserve in October 1998 implemented an internal change management policy that restricts system changes to those deemed absolutely critical. Similarly, legislatures and regulators should limit legal and regulatory changes that might require resources to be diverted from a financial organization’s Year 2000 program.