Y2K: An Important lesson in Legal Risk Management

The Year 2000 Date has come and gone without major disaster. That this result was achieved was, in the authors' view, more to do with good management than luck. Moreover, by examining the way in which governments, business and other firms prepared for and handled the Y2K problem, we may learn some valuable lessons which will help ensure that future problems will be handled equally as well. In this way, organisations will not only prevent a legal disaster, but are likely to find that a proactive, integrated use of the law and a culture of compliance can bring wider benefits to the business and increased value for stakeholders. The Y2K problem and its resolution thus provides an excellent case study from which to draw many valuable lessons about the role of legal compliance and the changing nature of legal practice in a digital economy.