http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 14.00Change: 0.14
R/$ = 10.61Change: 0.11
Au 1282.94 $/ozChange: -1.23
Pt 1418.50 $/ozChange: 0.50
 
 
Note: Search is limited to the most recent 250 articles. Set date range to access earlier articles.
Where? With... When?








Start
 
End
 
 
And must exclude these words...
Close Main Search
Close Main Login
My Profile News Alerts Newsletters Logout Close Main Profile
 
Agriculture   Automotive   Chemicals   Competition Policy   Construction   Defence   Economy   Electricity   Energy   Environment   ICT   Metals   Mining   Science and Technology   Services   Trade   Transport & Logistics   Water  
What's On Press Office Tenders Suppliers Directory Research Jobs Announcements Contact Us
 
 
 
RSS Feed
Article   Comments   Other News   Research   Magazine  
 
 
Jun 18, 1999

Do not hide your money under the mattress . . .

Back
Engineering|PROJECT|South African Reserve Bank|System|Systems|Building|Equipment|Large Banking Corporations|Local Banking Sector|Systems|Friedel Meisenholl|Mike Vosloo
Engineering|PROJECT|System|Systems|Building|Equipment|Systems|
engineering|project|south-african-reserve-bank|system|systems-company|building|equipment|large-banking-corporations|local-banking-sector|systems|friedel-meisenholl|mike-vosloo
© 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 Business Process Outsourcing News
Jasco Enterprise has restructured its coastal offices into a single coastal division serving the Western Cape, Eastern Cape and KwaZulu-Natal, the company announced on Tuesday. The newly consolidated division, led by executive head of coastal regions Karel Botha,...
Embattled telecommunications giant Telkom is eyeing significant procurement cost cuts as part of actions to return the group to sustainability. In the 2014 financial year, Telkom spent roughly R17-billion with suppliers, chief procurement officer Ian Russell said at...
A well-defined corporate culture, philosophy and principles, along with industry experts in all of its diverse industry channels, enable information technology (IT) services company EOH to achieve strong and sustained growth. EOH CEO Asher Bohbot notes that all its...
More
 
 
Latest News
Updated 4 hours ago Construction major Murray & Roberts (M&R) on Wednesday announced a 67% increase in diluted continuing headline earnings a share to 205c for the year ended June, up from the 123c achieved during the prior year. Diluted earnings a share amounted to 305c, up from 245c...
Updated 5 hours ago Ebola is causing enormous damage to West African economies, draining budgetary resources and slashing economic growth by up to 4% as foreign businessmen leave and projects are cancelled, the African Development Bank president said. As transport companies suspend...
Updated 5 hours ago Low-cost pan-African airline fastjet on Wednesday announced that it had established a company in Kenya, which had already submitted its Air Service Licence (ASL) application to the Kenyan Civil Aviation Authority (KCAA). Fastjet held 49% in the new company, fastjet...
More
 
 
Recent Research Reports
Road and Rail 2014: A review of South Africa's road and rail infrastructure (PDF report)
Creamer Media’s Road and Rail 2014 report examines South Africa’s road and rail transport system, with particular focus on the size and state of the country’s road and rail network, the funding and maintenance of these respective networks, and the push to move...
Real Economy Year Book 2014 (PDF Report)
This edition drills down into the performance and outlook for a variety of sectors, including automotive, construction, electricity, transport, steel, water, coal, gold, iron-ore and platinum.
Real Economy Insight: Automotive 2014 (PDF Report)
This four-page brief covers key developments in the automotive industry over the past 12 months, including an overview of South Africa’s automotive market, trade figures, production and the policies influencing the sector.
Real Economy Insight: Construction 2014 (PDF Report)
This five-page brief covers key developments in the construction industry over the past 12 months. It provides an overview of the sector and includes details of employment in the sector, infrastructure and municipal spending, as well as insight into companies’...
Real Economy Insight: Electricity 2014 (PDF Report)
This five-page brief covers key developments in the electricity industry over the past 12 months, including details of State-owned power utility Eskom’s generation activities, funding and tariffs, independent power producers and prospects for the sector.
Real Economy Insight: Road and Rail 2014 (PDF Report)
This six-page brief covers key developments in the road and rail industries over the past 12 months, including details of South Africa’s road and rail network and prospects for both sectors.
 
 
 
 
 
This Week's Magazine
MODDERFONTEIN NEW CITY Modderfontein New City will aim to exemplify an integrated city node and improve infrastructure utilisation through mixed-use spaces
The multibillion-rand development of the Zendai Modderfontein New City, east of Johannesburg, will aim to exemplify an integrated city node, says property group Zendai South Africa COO Wenhui Du. The development will focus on the Modderfontein Gautrain station to be...
The South African Civil Aviation Authority (CAA) hopes to have finalised regulations for the flying of Unmanned Air Vehicles (UAVs) – also designated Remotely Piloted Air Systems (RPAS) and popularly called drones – in the country’s civilian airspace by the end...
Various stakeholders have expressed optimism that the Small Business Development Ministry, created after the national elections in May, will add much needed impetus to enterprise development in South Africa, where a strengthening of the entrepreneurial culture is...
BOB SCHOLES To ensure that emissions plateau by 2020 and then decline until a net negative emission level is achieved by the end of the century, CO2 capture and storage in addition to major emission reduction efforts will be needed
Capturing and storing carbon dioxide (CO2) is the only way through which the world will achieve the lowest of the United Nations Framework Convention on Climate Change’s (UNFCCC) global warming predictions, called the representative concentration pathway (RCP) 2.6....
PARKS TAU Ongoing investigations had identified at least 30 large power users in Johannesburg as having defrauded the city
The City of Johannesburg has recovered R107-million following the arrest of 22 people allegedly involved in corruption, collusion, fraud and tampering with the city’s electricity systems, which had ultimately cost the city R200-million in lost revenue.
 
 
 
 
 
 
 
 
 
Alert Close
Embed Code Close
content
Research Reports Close
Research Reports are a product of the
Research Channel Africa. Reports can be bought individually or you can gain full access to all reports as part of a Research Channel Africa subscription.
Find Out More Buy Report
 
 
Close
Engineering News
Completely Re-Engineered
Experience it now. Click here
*website to launch in a few weeks