This test has been prepared in order to raise awareness regarding issues that revolve around the millennium bug problem. Is your company ready to face the next century and how will you protect yourself and your company from the impending Year 2000 problem?
1) Do all business functions within your organization have an understanding of the Year 2000 problem? While this may seem basic, it is important to assure that everyone is educated on this problem, because virtually every operation will be affected.
2) Have you collected an inventory of potential Year 2000 problems within your computer systems that could effect your business operations?
3) In the event that you have pinpointed a problem, are you currently working on fixing the problem? It is important that you address the problem soon so that your systems can be fixed and tested. Waiting until December 1, 1999 is not an option.
4) Have you confirmed whether your mission critical suppliers and outside business partners are Year 2000 compliant? Even if your systems are compliant, your business operations will be at risk if your suppliers cannot deliver the services that help your company stay in operation.
5) Have you reviewed and assessed your computer contracts? Do your current maintenance contracts cover Year 2000 remediation? Have your systems been warranted to operate? Are you incorporating Year 2000 clauses into all new agreements?
6) Have you assessed whether your company is responsible for disclosing information to shareholders, government agencies or other entities regarding potential Year 2000 problems? SEC guidance is scant on this issue.
7) Have your officers and directors been briefed on the Year 2000 issue? It is important to limit the potential liability that these individuals could incur due to the problem.
8) Have you considered exposure to litigation that could arise due to the Year 2000 problem? A proactive litigation management plan may separate companies that survive from those which do not.
9) Have you reviewed your software copyright and intellectual property agreements regarding your right to modify code? In some cases these changes could void your warranties.
10) Have you reviewed Year 2000 related accounting issues? Depending on how you structure your Year 2000 remediation, you may be able to capitalize certain Year 2000 costs.
If your answer to any of these questions is "No", your organization likely needs immediate assistance. For additional information regarding litigation management and avoidance, contact any HRB working group member.
Hancock Rothert & Bunshoft has formed a Year 2000 Team to assist companies with related legal problems. If you would like more information on Hancock's Year 2000 Team, or on the firm in general, please contact: Vito C. Peraino on Tel: 213-623-7777 or E-mail: Click Contact Link or visit the Hancock Rothert & Bunshoft website at Click Contact Link
Visit the Year 2000 website at Click Contact Link
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.
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