Most large financial institutions should be aware of this potential problem, however, industry estimates are that only 30 percent are currently addressing the issue. Most vulnerable are the community financial institutions that do their own programming with in-house developed software systems. Banking, however, is a heavily technology sensitive industry and will be impacted greatly. This lack of planning could result in the extended or permanent disruption of computer system operations. This may be the result of either the problem itself or the cost of fixing it.
Time is critical.
Commitments to action and funding cannot be deferred, as the year 2000 is a finite date. This should be followed by the development of a detailed action plan. Developing a risk assessment that identifies systems and applications that must be modified. Identifying the segments of computer systems that must be modified. Estimating costs for modifications.