The Y2K Problem is real. If unfixed, it will cause chaos. It is essential that developing countries have a strategy for managing this risk in order to eliminate or reduce it. Immediate action is necessary. The scale and scope of the problem is broad.
External dependencies exist.
Therefore, it is important that all risk management techniques be buttressed by contingency planning in order to be prepared for eventual failures. At the end of this chapter we will also review three critical areas for risk management initiatives including risk assessment, embedded systems, and testing . The sooner developing countries put a plan into action to tackle the Y2K Problem, the higher the probability of reducing its negative effects. By being prepared, the country will also be able to efficiently manage emergency situations if and when they do occur. After the action is initiated, the Government must then do its best to identify and eliminate the risk factors that exist.