Millennium bug warning
issued
Washington, 6 October
1998 - A warning was issued by the International
Chamber of Commerce today to businesses and governments who have not yet tackled
the impending problem of the millennium bug..
Speaking at a public forum on the occasion of the
annual meetings of the World Bank and the International Monetary Fund, ICC Secretary
General, Maria Livanos Cattaui said not everyone had understood the potential
magnitude of the problem. "To these people I say 'Wake up. It's already
late, maybe too late. There's no time to lose, but there are people to help
you.' "
Mrs Cattaui said that by meeting the challenges
of the millennium bug, companies could not only minimize disruption, but could
also be in a position to gain a competitive advantage. Those who did not take
adequate precautions, however, risked being burned. "Governments, companies,
and citizens. Like fire, the millennium bug doesn't care about it's victims,"
she said. The solution to dealing with the problem was no secret, ICC Secretary
General told the forum. "Analyze your systems, develop a plan, implement
it, run tests and, especially at this late stage, develop contingency plans
and look at your external relationships to see who could affect you."
Mrs Cattaui emphasized the fact
t
hat it was not enough for companies to get their own house in order. They also
had to inquire as to the compliance of their main strategic partners to verify
their readiness.
"Fortunately, we've seen this
type of due diligence improve readiness as each firm serves as the centre of
a web which encourages preparation of their key partners who are lagging behind."
she said.
On the subject of country readiness,
Mrs Cattaui called on all governments who had not yet appointed a Y2K Czar to
oversee preparations to do so. Concerning government spending, she said, there
was no substitute for making the money available, despite even the most severe
budgetary constraints. "Governments must resist the temptation to cut Y2K
remediation appropriations when faced with other urgent expenditures."
Cooperative solutions to the millennium
bug will be further explored by business and government at the Global Year 2000
summit in London on 15-16 October. The summit will be the first official meeting
on Y2K between intergovernmental organizations and leading business groups.