The year 2000 problem is not only a technology issue but also a management challenge, which becomes evident to senior executives as they start to understand its wide-spread ramifications. The requirement to find funding and resources to address the situation can be daunting. Chief executives and administrators may find they are asked to explain to their insurers how they are dealing with the problem. Questions of similar status from stakeholders or shareholders are also becoming common. Regulators are asking about the state of readiness. Lending institutions want to be sure their risks are covered. Even suppliers are asking about the preparedness of organizations because of the potential impact on their own continued viability.
The Canadian Imperial Bank of Commerce (CIBC) has been addressing the year 2000 issue with a formal program since 1995. The lessons learned from the CIBC's activities, as well as from information shared with other organizations, which can be applied to many industries, form the basis for this article.
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