Regulatory concerns What the regulatory agencies have done to encourage banks to deal with the problem. Examination results Reports by examining agencies on the progress being made by banks. Individual bank reports How individual banks are informing us of their progress. 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. The regulatory agencies have recognized that not all of the remediation efforts will be successful. Thus, they have also emphasized contingency planning. In instances where deficiencies were noted they typically involve testing, business resumption contingency planning, internal and external auditing, and customer awareness programs. This compares with 97 percent assessed as Satisfactory as of March 31, 1999.