Revised Checklist for the Year 2000 Problem Used in Financial Inspections
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Financial Supervisory Agency
August 25, 1998
Announcement of Revised Checklist for the Year 2000 Problem
Used in Financial Inspections
Given the extent and severity of the potential impact of computer
malfunctions during the calendar year 2000, a range of efforts are being
implemented through a variety of channels to address the Year 2000 problem,
both in Japan and in other countries. This issue was also raised during the
Birmingham Summit in May of 1998, during which agreement was reached to
take further action in important sectors such as financial services.
On December 24, 1997, the Financial Inspection Department of the
Ministry of Finance compiled and published its "Checklist for the Year 2000
Problem Used in Financial Inspections." The Inspection Department of the
Financial Supervisory Agency has also continued to appraise the status of
Year 2000 readiness at financial institutions.
As a result of this appraisal of the status of financial inspections,
we have now revised the existing checklist to reflect that we have only a
little time remaining to address the Year 2000 problem, as well as the fact
that we have passed into a new phase in the compliance measures required.
The revised checklist starts from the premise that the stage of increasing
awareness of the Year 2000 problem among top management, staff and other
individuals at financial institutions, and of the formulation of the Year
2000 compliance program should already be completed and shifts emphasis to
the implementation of the program, especially renovation and subsequent
testing of systems, and preparing contingency plans.
Since future inspections will use this checklist to address progress
in the steps of the Year 2000 compliance program, we have published the
checklist for each financial institution to use in verifying the situation in
their own organizations and thereby contribute to further efforts to resolve
the Year 2000 problem.
For Inquiries Please Contact the Following:
Financial Supervisory Agency, Inspection Department:
K. Sasaki
Tel: 03-3506-6000