These various entities are heavily focused on the Year 2000 problem, are participating extensively in Year 2000 testing, and appear to be working quite cooperatively among themselves and with their customers to resolve this problem. In this regard, let me discuss briefly the linkage of international and domestic payment systems.
With the benefit of hindsight, the financial services regulators and the industry have been trying to distill the lessons learned from recent internal control breakdowns in the financial services sector. My remarks today will delve into some of the implications those breakdowns have for compliance-risk management. Over the past two decades, we have seen remarkable changes in the global financial system.