Federal Financial Institutions Examination Council
|For Immediate Release||March 21, 2000|
FFIEC Urges Financial Institutions
Not to Forget Lessons Learned from Year 2000 Project
Bank, thrift, and credit union regulators issued today a document discussing lessons learned from the preparation for the Year 2000 date change, and urged financial institutions to incorporate the knowledge gained from that experience into future project and technology risk management.
Through the Federal Financial Institutions Examination Council (FFIEC), the federal regulators of these institutions today issued "Lessons Learned from the Year 2000 Project." In releasing the document, the FFIEC urged financial institutions to conduct their own review of lessons from the Y2K effort and incorporate them in future project management processes and technology risk management. The FFIEC believes that the best-prepared institutions possessed most or all of 10 characteristics:
The FFIEC is sending the lessons document to directors and chief executive officers of all federally supervised financial institutions, service providers, software vendors, federal branches and agencies, senior management of each FFIEC agency, and all examining personnel.