Federal Financial Institutions Examination Council
|For Immediate Release||December 11, 1998|
FFIEC ANSWERS FREQUENTLY ASKED Y2K
ON CONTINGENCY PLANNING
The Federal Financial Institutions Examination Council (FFIEC) today issued answers to frequently asked questions on Year 2000 contingency planning. The FFIEC Q&A on Contingency Planning document clarifies expectations for completing remediation and business resumption contingency plans and it supplements previous FFIEC Year 2000 guidance.
"Financial institutions are expected to substantially complete the four phases of the Year 2000 business resumption contingency planning process as soon as possible, but not later than June 30, 1999," according to the FFIEC Q&A document. The Year 2000 business resumption contingency plans should be updated as needed and senior management and the board of directors should review and approve Year 2000 contingency plans.
The FFIEC Q&A document notes that "establishing meaningful and practical business resumption contingency plans is an essential component of the risk management process for addressing Year 2000 problems." Among other things, the FFIEC Q&A document states that financial institutions should consider the following in developing Year 2000 business resumption contingency plans: