http://www.engineeringnews.co.za
  SEARCH
Login
R/€ = 14.23Change: 0.10
R/$ = 10.57Change: 0.03
Au 1306.25 $/ozChange: -6.38
Pt 1484.50 $/ozChange: -4.00
 
 
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 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|Equipment|Large Banking Corporations|Local Banking Sector|Systems|Friedel Meisenholl|Mike Vosloo
engineering|project|south-african-reserve-bank|system|systems-company|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
 
 
 
 
 
 
 
 
Other Telecommunications and Call Centres News
Communications satellite operator Arab Satellite Communication Organisation (Arabsat), a platinum sponsor at SatCom Africa 2014, has released a request for proposal for the procurement of four new satellites to be named HS3, HS4, ARB6E and ARB6A, set to launch in...
News agency Reuters has adopted a satellite news gathering (SNG) service from communications services provider Avanti Communications in South Africa, which is exhibiting at SatCom Africa 2014, taking place at the Sandton Convention Centre from May 19 to 21. Deploying...
A content delivery partnership between worldwide software provider IMImobile and media company African Press Organisation (APO) is set to deliver an exclusive feed of Africa-related news releases issued by governments, institutions, nongovernmental organisations,...
More
 
 
Latest News
Nersa's Thembani Bukula
Updated 2 hours 17 minutes ago A standardised tariff for electricity resellers is needed to avoid consumers being overcharged, energy regulator National Energy Regulator of South Africa (Nersa) said on Tuesday. "The pressing problem right now is that there is a standardised tariff that they...
Economic Development Minister Ebrahim Patel
Updated 2 hours 25 minutes ago Economic Development Minister Ebrahim Patel says government will be prioritising six ‘I’s as part of its “radical economic transformation” agenda for the coming five years. Delivering his Budget Vote in Parliament on Tuesday, Patel said the six components...
Venetia mine
Updated 2 hours 37 minutes ago In what could be the single-largest contract awarded to construction major Murray & Roberts (M&R) since the Eskom power build programme, M&R subsidiary M&R Cementation has secured a R2.6-billion contract to develop an underground mine beneath diamond major De...
More
 
 
Recent Research Reports
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.
Real Economy Insight: Steel 2014 (PDF Report)
This four-page brief covers key developments in the steel industry over the past 12 months. It provides an overview of the global and South African steel and stainless steel markets, South Africa’s major steel producers and events that have shaped these markets.
 
 
 
 
 
This Week's Magazine
Local aerospace company Denel Aerostructures (DAe), part of the State-owned Denel Group, has won a fourth contract to manufacture parts for the Airbus A400M military air transport and air-to-air refuelling aircraft. The new contract, which was won in an international...
Bob Skinstad
Although CEO Mark McChlery and chief marketing officer Bob Skinstad likened themselves to children in a playground when taking on the task of “reengineering and repositioning” the Seartec brand, the “young, dynamic and enthusiastic guys” were like proud...
An increasing number of buyers, in both the new and used car markets, are opting for finance structures that lower their monthly repayments, says asset financing company WesBank. These include the use of large balloon payments (also known as residuals), as well as...
Tertiary education institutions can use search engine giant Google’s Chromebook to provide secure mobile end-point devices for students on which they can share documents, work collaboratively on documents and access education materials and applications being used...
Local ceiling and partition company Abbeycon has beaten global competition at the Saint-Gobain Gypsum International Trophy competition, which was held last month in Berlin, Germany.
 
 
 
 
 
 
 
 
 
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