Virtually every organization will have its computing operations affected in some way by the rollover of the two digit year value to 00. Many computer systems will recognize this date as the year 1900. The potential impact is the date sensitive calculations would be based on erroneous data or could cause a system failure. It can also affect record keeping, such as inventory, maintenance, and file retention.
Reliable information is necessary for financial institutions to conduct business.
An institution should review all aspects of computer systems to include those provided by service bureaus, hardware vendors, and other software vendors. Ensure that the institution has taken adequate steps to ensure that critical operations will continue if the servicers or vendors are unable to achieve millennium requirements. It is recommended that reprogramming efforts be completed by December 31, 1998. This will provide one full year for testing. It is important to note that all systems from mainframes to personal computers and local area networks are susceptible to the impact of year 2000 consequences.