A global inventory of all IT hardware/software components, non-IT equipment and interfaces with external parties has been completed. Each item in the inventory has been reviewed for Year 2000 impact and a compliance strategy worked out. As part of this ongoing effort, we continue to monitor the inventory closely to ensure timely completion of all items. We have conducted a series of tests to verify compliance of our critical systems in line with general industry practice for Year 2000. Our focus for 1999 is on conducting external tests with various financial infrastructure providers, following timelines established by The Association of Banks in Singapore (ABS).
We are also actively working with external parties, including clients, counterparties, vendors, exchanges, depositories, utilities, suppliers, agents and regulatory agencies, to avoid potential risks the Year 2000 problem poses to us and to the global financial community.
The Bank is taking all reasonable steps to ensure that all computer systems and business services will function without interruption on 1 January 2000 and beyond. Nevertheless, some disruptions may still occur as the Year 2000 problem is complex. Hence the Bank is also focusing on business risk management and contingency planning to ensure business continuity.
DBS' disclosure template, as well as its Year 2000 compliance programme and efforts can be found on the Bank's Year 2000 website.