I recently heard a keen observer predict that the next big banking disaster would come from a (hypothetical) major international bank losing track of its derivatives positions for 24 hours. To protect against such events, banks invest heavily in the integrity of their computer systems, as well as in back-up and disaster recovery facilities.
The RBA is, of course, providing such back-up for the core of the RTGS system. The Year 2000 problem poses a rather novel sort of operational risk because it is the result of past programming decisions which have produced the classic “unintended consequence”. Basically, the risk is computer confusion and malfunction when the year identified in programming as “99” clicks over to “00”.