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Technology Stocks : Year 2000 (Y2K) Embedded Systems & Infrastructure Problem -- Ignore unavailable to you. Want to Upgrade?

To: John Mansfield who wrote (344)	5/1/1998 6:51:00 PM
From: John Mansfield	Read Replies (1) \| Respond to of 618

[IEE,SME] 'YEAR 2000 PROBLEMS IN MACHINERY Managing the Risk in Smaller Companies (IEE TECHNICAL GUIDELINES 10:1998) The Aim of the Booklet The purpose of the booklet is to help you prepare: so that, as far as it is possible, all equipment and machinery on which the company depends will work in 1999 and before, in 2000 and afterwards; so that, as far as it is value for money, all other equipment and machinery will work in 1999 and before, in 2000 and afterwards; so as to be prepared for failures (those which you can anticipate and those which you can't), and so as to be equally ready with regard to materials, supplies and services obtained from outside the company. Contents 1. Introduction 2. Risk management and why you should use it 3. Compiling the inventory 4. Assessing business impact 5. Compliance and readiness assessment and testing 6. Risk assessment 7. Dealing with problems 8. Management issues 9. Record keeping 10. Contingency planning 11. Legal considerations Appendix 1 - Embedded systems Appendix 2 - Date Problems, sensitivity and compliance Appendix 3 - Assessment and testing Appendix 4 - Legal considerations Appendix 5 - Records kept in a large company Why you need to act Your company's future Companies may find that they cannot continue in business because they depend on machines which have failed due to a Year 2000 problem in their control units. Duties of Directors Failure to take sufficient action or taking action too late may be regarded as dereliction of duty by the Board of Management (and by the directors individually). Such failure may also be regarded as constituting gross negligence. Insurance It appears increasing unlikely that it will be possible to obtain satisfactory cover for Year 2000 risks without evidence that an effective Year 2000 programme has been implemented and is being sustained. Audits Qualification of company accounts by auditors may be expected if there is no evidence that an effective Year 2000 programme has been implemented and is being sustained. Health and Safety legislation and similar protective legislation There is potential for failure to act giving rise to prosecutions under this legislation. Licences and permits, etc., needed to operate particular kinds of plant and equipment may be withdrawn. Contractual responsibilities to employees, clients and suppliers Inability to obtain or continue loans Banks may lend only to companies which they believe will be viable after 2000, which implies having a satisfactory Year 2000 Programme. The large banks have issued notices to their small-business customers advising them of Year 2000 problems. [Main 2000risk page] [Order form for this booklet - In Microsoft Word format] [Free viewer/printer for Word] iee.org.uk