Entity Organization
1. Do your company's organizational documents include appropriate indemnities for your officers and directors?
2. Have your officers and directors been briefed on the Y2K issues? Have they documented their actions and prepared proper board resolutions?
3. Have you reviewed director, officer, business interruption, and liability insurance policies?
4. Have you assessed whether your company is responsible for disclosing Y2K information to shareholders, government agencies or other entities? If so, do you have approved forms for correspondence and releases?
Company Policies
1. Do you have a designated company spokesperson who knows how to address Y2K issues? If so, do you have approved forms for public statements and press releases?
2. Do you have a policy on Y2K record retention regarding system readiness, vendor responses, system testing and assurance, etc.?
3. Have you developed a Year 2000 Statement or Year 2000 Remedial Disclosure?
4. Have you developed a strategy for assuring your customers of your appropriate actions?
Reasonable Care
1. Have your briefed your different departments and branches on Y2K issues?
2. Have you inventoried potential Y2K problems within your computer systems that could impact your business operations, including embedded chips?
3. Are you pinpointing problems, working on the solutions and documenting the process?
4. Have you confirmed whether your mission critical vendors, suppliers and outside business partners are Y2K compliant?
5. Have you reviewed and assessed your company contracts, software licenses, maintenance and support agreements, warranties, hardware purchase agreements, network service agreements, outsourcing agreements and leases for Y2K compliance issues? Will your existing and future contracts and purchase orders with customers and suppliers have appropriate language?
6. Have you assessed your company's exposure to litigation due to Y2K issues?
7. Have you reviewed your software copyright and intellectual property agreements regarding your right to require the modification of code? Do you have the right to successfully modify the code?
8. Have you reviewed Y2K accounting issues?
Compliance
1. Have you requested compliance certificates and questionnaires from vendors and suppliers?
2. Have you responded to any requests from vendors and suppliers?
3. Do you have a Y2K plan?
Special Considerations
Most businesses have special or high risk considerations not addressed here, such as:
- International Operations
- Health Care Products and Services
- Technology Distribution and Consulting
- Consumer Credit
- Regulated Industries
- Public Reporting Obligations