http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 14.22Change: -0.23
R/$ = 11.16Change: -0.09
Au 1240.10 $/ozChange: -4.17
Pt 1243.50 $/ozChange: -18.70
 
 
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|Solutions|Systems|Friedel Meisenholl|Mike Vosloo
Engineering|PROJECT|System|Systems|Building|Equipment|Solutions|Systems|
engineering|project|south-african-reserve-bank|system|systems-company|building|equipment|large-banking-corporations|local-banking-sector|solutions|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 ICT News
Trade union Solidarity warned on Wednesday that ongoing restructuring and retrenchments in the information and communication technology (ICT) industry continued to put employees in the sector under “immense” pressure. This as the union claimed it had received...
Government aimed to fast-track certain “fast-growing” infrastructure programmes, despite cutting back on expenditure over the next few years, the 2014 Medium-Term Budget Policy Statement (MTBPS) revealed on Wednesday. The MTBPS, released by new Finance Minister...
Internet access in east Africa is still relatively slow and costly but a Djibouti-based technology start-up company has ambitions to help change that. Djibouti Data Center (DDC), set up by a group of local and international investors 18 months ago, is the first data...
More
 
 
Latest News
Updated 2 hours 8 minutes ago The North West provincial government remains steadfast in its commitment to provide clean water to residents in Mahikeng, premier Supra Mahumapelo said on Wednesday. Mahumapelo launched a R300 million project for the upgrading of the Mmabatho Water Treatment Works as...
Trade union Solidarity warned on Wednesday that ongoing restructuring and retrenchments in the information and communication technology (ICT) industry continued to put employees in the sector under “immense” pressure. This as the union claimed it had received...
More
 
 
Recent Research Reports
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...
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 road...
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.
 
 
 
 
 
This Week's Magazine
The broad-based black economic-empowerment (BBBEE) alignment process in the con-struction sector has begun, dur-ing which the sector codes of the Construction Sector Charter Council (CSCC) will be aligned with the revised Codes of Good Practice (CoGP), which come...
It is second time lucky for Toby Venter. Ten years ago he negotiated to buy the Kyalami racetrack, but “the deal did not materialise”.
Environmental solutions company I-Cat started construction work on its R22-million, 1 949 m2 environmentally sustainable office and warehouse facility, commissioned by I-CAT Environmental Solutions, at a launch event in October. The new sustainable I-CAT campus,...
IAN EVANS AirWatch file synchronisation and sharing system was initially designed for a large airline company
Effective file synchronisation and sharing across an organisation’s structures can provide the basis for robust mobile-device and document management while maintaining proper backup, version control and content distribution. These are the lessons learned by complex...
Hotel group Carlson Rezidor currently holds the largest hotel pipeline in Africa with 30 hotels and 6 300 rooms under development. The hotel group develops and operates Radisson Blu in the upper upscale segment and Park Inn by Radisson in the mid-market segment. With...
 
 
 
 
 
 
 
 
 
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