They must maintain Year 2000 as a top management priority, or quickly raise it to that level, if needed. At these various meetings, I was all too frequently met by the technicians asking me to help them to get senior management involved in solving this problem. Senior managers in internationally active firms and institutions must give sufficient attention to ensure that their firms are ready for the century date change. The second responsibility of the private sector is to engage in full disclosure and information sharing with counterparties. This sharing should be either pursuant to officially-mandated standards or voluntary.
Markets function most smoothly when full information is shared.
The lack of full disclosure may lead to a vacuum in which inaccurate information can thrive. Soon financial markets will make Year 2000 preparedness an element in counter party credit risk assessment. Those firms not ready or those perceived not to be ready may find access to credit more difficult to obtain. The public infrastructure sector is an important dependency upon which financial firms rely. These infrastructure providers, including telecommunication, power, and water utilities, have been noticeably reticent to share their degree of preparedness with others.