A technical paper prepared by the Basle Committee on Banking Supervision and released by the G-10 Governors on September 8th discusses a very similar approach. In both cases, the basic approach includes the following components: • setting the Year 2000 project as a strategic objective to be managed at the highest level; • making sure that staff at all levels recognize the importance of the project as a business issue, not just a technical one; • identifying all applications, operating systems and equipment affected by the Year 2000 problem, and developing appropriate plans and schedules that can be monitored at the highest level within the organization; • determining what needs to be done and making the necessary changes; • testing each system to be sure that it works, not only as an independent application, but in concert with related systems within the institution, and with those of correspondents and customers; and, lastly, • putting Year 2000-compliant applications into production. The Basle Supervisors’ paper does a good job of laying out the full scope of the challenge, and I commend it to your attention. The paper should serve as a strong wake-up call. There still is time to address the problem, but now there is urgency in making the difficult choices. In the mere two years that are left, the challenge will be to minimize business and systemic impacts as much as possible.
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