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Summary and Comments

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Category: 

Banking

Date: 

1998-03-11 10:58:41

Subject: 

Ex-Programmer Warns About Asia's Lack of Awareness

  Link:

http://www.theaustralian.com.au/finance/4121318.htm

Comment: 

This report indicates that Asian organizations are not anywhere near compliance, or even awareness.

It also raises questions about the currency markets.

It also warns about the problem of interconnected computers.

But the source of this information says she is not an alarmist or a doomsayer. Why not? Because such talk turns people off.

This appeared in THE AUSTRALIAN (March 2).

* * * * * * *

Ms Thomas, a former computer programmer who admits contributing to the problem during her career, says she is careful not to portray the millennium issue in doomsday terms, as people switch off when hearing such scenarios.

However, she warns there is still a big gap between awareness of the millennium bug given the large number of governments and corporations still at the planning stage and the mobilisation of resources to combat the problem.

Ms Thomas says the lack of preparedness in Asia, outside of Japan, is of outmost concern.

"The studies that are available show Asia is well behind the curve. My personal observation is that the lack of activity there is very serious at this point.

"We've been working in Asia now for two years and the governments there are a challenge, to be polite."

Ms Thomas point outs that with 30 per cent of all foreign exchange trading worldwide taking place in Asia, there is the potential for wide-scale disruption on currency markets because of the problem.

She says the interdependence of economies means that no company can say that it is 100 per cent compliant.

Link: 

http://www.theaustralian.com.au/finance/4121318.htm

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