R/€ = 13.04
R/$ = 12.05
Au 1186.86 $/oz
Pt 1142.00 $/oz
Jun 18, 1999
Do not hide your money under the mattress . . .Back
© Reuse this South Africans need not hide their money under the mattress as the new millennium approaches, with most large banking corporations having taken precautions against the year 2000 (Y2K) bug well in advance.
This is largely due to the fact that the South African Reserve Bank (SARB) has taken an active role to ensure that the South African banking sector is compliant, reports Absa commercial banks risk-management operating executive Friedel Meisenholl.
“Based on our analysis, the local banking sector is in line with international benchmarks to become Y2K compliant,” he tells Engineering News.
The banking group has implemented a comprehensive project to deal with all Y2K issues, and has followed a formal project plan.
“The directors are satisfied with the progress made to date,” says Meisenholl.
The group’s action plan is about 90% complete, with a future date-verification exercise, the testing of the odd outstanding mission-critical system, and the updating refining of business continuity and contingency plans yet to be completed.
Managing public perceptions through an extensive communications programme, and updating business continuity and contingency planning to cater for any issues that may occur, are the greatest challenges remaining for the group, reveals Meisenholl.
In terms of the Y2K readiness of clients, the bank reviews its clients’ readiness as part of the credit-assessment process, and at present it does not expect any material impact as a result of clients not being compliant.
Standard Bank started its efforts at finding solutions to this problem in 1996, when it formed a project team to assess the requirements of Y2K compliance, and identified measures necessary to fulfil these requirements, reports CE Mike Vosloo.
“An effort is also being made to reduce the risk posed by potentially non-compliant outside parties; for example, we have taken steps to determine the progress of our suppliers, corporate customers and business partners towards compliance,” he reveals.
The group has already completed comprehensive inventories of items that could be affected by the Y2K problem, including computer software and hardware, computer systems, office equipment, documentation and building-management systems such as heating and air-conditioning.
Changes to all systems are complete, and will be tested to ensure that the group’s computer systems will operate without disruption during the change to the year 2000.
To increase awareness of the Y2K problem, the group has sent newsletters to all large customers and business partners which outlined the problem and included details of the group’s progress at the time.
The Nedcor group has established a comprehensive programme aimed at identifying, analysing and resolving all problems and eventualities within the group that will, or may, arise either directly, or indirectly, as a result of the Y2K computer problem, reports Y2K programme GM Peter Weeks.
Edited by: System Author© Reuse this Comment Guidelines (150 word limit)
Other Telecoms News
Controlling unstructured data using metadata and a data management system improves the management and use of unstructured data in companies, while also reducing risks, says data management specialist company Soarsoft International director Chris Hathaway. Metadata...
The ultra-high-definition camera, supplied by Graphic Image Technologies (GIT), provides better and higher-resolution coverage of areas than high-definition (HD) cameras and one camera can also replace two or three HD cameras, reducing costs, says GIT executive...
Telecoms giant Vodafone has so far not held talks with South Africa over the London-listed firm buying Pretoria's stake in its local subsidiary Vodacom, CE Vittorio Colao said on Wednesday. However, Colao told a news conference in Johannesburg he was open to talks...
Updated 16 minutes ago Creamer Media’s Electricity 2015 report provides an overview of State-owned power utility Eskom and independent power producers, as well as electricity planning, transmission, distribution and the theft thereof, besides other issues.
Recent Research Reports
Projects in Progress 2015 - First Edition (PDF Report)
In fact, this edition of Creamer Media’s Projects in Progress 2015 supplement tracks developments taking place under the Renewable Energy Independent Power Producer Procurement Programme, which has had four bidding rounds. It appears to remain a shining light on the...
Electricity 2015: A review of South Africa's electricity sector (PDF Report)
Creamer Media’s Electricity 2015 report provides an overview of State-owned power utility Eskom and independent power producers, as well as electricity planning, transmission, distribution and the theft thereof, besides other issues.
Construction 2015: A review of South Africa’s construction sector (PDF Report)
Creamer Media’s Construction 2015 Report examines South Africa’s construction industry over the past 12 months. The report provides insight into the business environment; the key participants in the sector; local construction demand; geographic diversification;...
Liquid Fuels 2014 - A review of South Africa's Liquid Fuels sector (PDF Report)
Creamer Media’s Liquid Fuels 2014 Report examines these issues, focusing on the business environment, oil and gas exploration, the country’s feedstock supplies, the development of South Africa’s biofuels industry, fuel pricing, competition in the sector, the...
Water 2014: A review of South Africa's water sector (PDF Report)
Creamer Media’s Water 2014 report considers the aforementioned issues, not only in the South African context, but also in the African and global context, and examines the issues of water and sanitation, water quality and the demand for water, among others.
Defence 2014: A review of South Africa's defence industry (PDF Report)
Creamer Media’s Defence 2014 report examines South Africa’s defence industry, with particular focus on the key participants in the sector, the innovations that have come out of the sector, local and export demand, South Africa’s controversial multibillion-rand...
This Week's Magazine
Projected capital expenditure (capex) in the South African automotive assembly industry should reach a record R7.48-billion this year, says the National Association of Automobile Manufacturers of South Africa (Naamsa) in its 2014 fourth quarter business review. Capex...
After several years of navigating project-threatening red tape and currency fluctuations, the 4.4 MW Bronkhorstspruit biogas power plant, which will supply clean energy to a leading automotive manufacturer in Gauteng, is expected to enter production before June....
South African paper and pulp producer Sappi reported earlier this month that it would build a pilot plant for the production of low-cost Cellulose NanoFibrils, or CNF (nanocellulose) at the Brightlands Chemelot Campus in Sittard-Geleen in the Netherlands.
The long-term outlook for Nigeria is a country that has the potential to be very strong. So affirmed International Monetary Fund (IMF) Nigeria Mission Chief and Senior Resident Representative Dr Gene Leon on recently. "But we are starting from a point of huge...
Poor infrastructure planning and inadequate maintenance are becoming increasingly problematic for new developments and the associated infrastructure required to support such developments. In many urban and rural municipalities, the state of infrastructure has been...