Academic journal article ABA Banking Journal

Begin as You Mean to Go on. (Editor's Column)

Academic journal article ABA Banking Journal

Begin as You Mean to Go on. (Editor's Column)

Article excerpt

TWO YEARS AGO THIS MONTH, every financial institution in the country, and a large portion of the world at large, was on the edge of their seats as the millennial change approached. For the preceding 36 months there had been a steady drumbeat of warnings, advisories, and not a few dire predictions that the "millennium bug"--Y2K--could cause a digital Armageddon if preventative steps were not taken.

The banking industry and businesses in general took the warnings seriously and set in motion one of the most massive pre-emptive mobilizations ever seen. Driving all of the effort was the certainty of a fixed deadline--the stroke of midnight on Dec. 31, 1999. There would be no extensions, no negotiated settlements.

As we know, all the work paid off handsomely in a nearly flawless changeover to the new century.

In fact the preparations paid a second dividend three months ago when Y2K contingency plans helped many institutions deal with the disruptions that followed the events of Sept. 11.

But now that we are at war with an enemy that both targets and uses the Western financial system, the industry is once again challenged to mobilize. An obvious difference between Y2K and the current situation is that the war on terrorism began with a climax. This time all attention was instantly focused on the start date--9/11--followed by a rush of activity to assist and rebuild the affected areas, prevent and prepare for any subsequent attacks, and capture the terrorists.

Financial institutions have been thrust into the spotlight because they are on the front lines of the economic war to squeeze dry the flow of funds used by terrorists. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.