Possibly the best example of how the Year 2000 (Y2K) problem has left the realms of the technical and entered business mainstream is among the banking sector.
No longer is it a question of correcting and testing machines and software but assessing the risk to your business posed by others you interact with.
You may be fine but can you count on partners and counterparties to be as well? What level of risk of loss does that open your business up to? For Merrill lynch head of technology in Asia Pacific Gregory Levine, the vast number of external electronic interfaces is something unique to the sector.
'Y2K is no longer a technology problem but one where all departments are getting involved looking at the exposure with external entities,' he said.
Mr Levine oversees Merrill Lynch's Year 2000 effort in the Asia-Pacific region, with ten countries under his belt and 80 market information providers.
As the date draws closer Mr Levine said management will increasingly pose the question: 'Are we happy with client X, should we reduce our exposure?' In effect this is already beginning to happen, he said.
