United States Government Publishing Office publisher pbl distributor dst United States Government Accountability Office Accounting and Information Management Division author aut Government Organization text government publication eng GAOREPORTS Legislative Agency Publications gao legislative 2010-08-12 U.S. Government Printing Office 1998-09-17 monographic deposited born digital 16 p. GA 1.13:AIMD-98-248 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-98-248 P0b002ee1803a0085 f:ai98248 DGPO 2010-08-12 2011-03-23 GAOREPORTS-AIMD-98-248 machine generated eng fdlp REPORT GAOREPORTS-AIMD-98-248 AIMD-98-248 Information systems Computer software Systems conversions Bank examination Systems compatibility Strategic information systems planning Data integrity Federal reserve banks Human resources training Insured commercial banks Y2K FFIEC Year 2000 Program Letter Report AIMD Pursuant to a congressional request, GAO evaluated the Federal Reserve System's (FRS) efforts to oversee that the 1,618 financial institutions it supervises successfully address the year 2000 computer problem.<p/>GAO noted that: (1) FRS has been taking the year 2000 problem very seriously, devoting considerable resources and effort to ensure that the institutions it oversees mitigate year 2000 risks; (2) it also has been emphatic in alerting these institutions to the problem and has recently completed a detailed assessment of the industry's readiness and issued important year 2000 guidance in conjunction with other financial institution regulators; (3) further, FRS is planning to conduct additional readiness examinations between now and March 1999; (4) however, FRS, like the other regulators, still faces significant challenges in providing a high level of assurance that individual institutions will be ready for the year 2000; (5) the primary challenge is time; (6) with less than 16 months remaining until January 1, 2000, FRS, with a small number of examiners, must carefully track remediation efforts being carried out by 1,618 financial institutions, service providers, and vendors; (7) this time pressure is compounded by the fact that FRS was late in initiating its detailed assessments of the industry's year 2000 status and in issuing key guidance documents to banks to assist them in mitigating their year 2000 risks; (8) to alleviate this pressure and to better ensure its readiness to address upcoming challenges, it will be important for FRS to complete the development of its supervision plans to define in detail the tasks it must complete in the 16 months remaining; and (9) it will also be essential for FRS to develop a higher level of assurance that it has enough technically qualified staff, trained in a timely manner, to carry out its supervisory and evaluation responsibilities through the year 2000. https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-98-248/html/GAOREPORTS-AIMD-98-248.htm https://www.govinfo.gov/content/pkg/GAOREPORTS-AIMD-98-248/pdf/GAOREPORTS-AIMD-98-248.pdf GAO/AIMD-98-248 https://www.govinfo.gov/app/details/GAOREPORTS-AIMD-98-248 Letter Report GAO/AIMD-98-248; Year 2000 Computing Crisis: Federal Reserve Is Acting to Ensure Financial Institutions Are Fixing Systems, But Challenges Remain; Information systems Computer software Systems conversions Bank examination Systems compatibility Strategic information systems planning Data integrity Federal reserve banks Human resources training Insured commercial banks Y2K FFIEC Year 2000 Program