Managing Risk in Euro Currency Conversion

Managing Risk in Euro Currency Conversion

8 Pages · 1998 · 132 KB · English

Risks are present in virtually every soft-ware project, and as a result, “risk management” is typically discussed in very generic terms. However, there are a few

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R isks are present in virtually ever y soft- ware project, and as a result, “risk management” is typically discussed in ver y generic terms. However, there are a few types of projects for which the risks seem particularly pervasive and severe; they deserve a specific discussion of risk-man- agement issues and guidelines. Y2000 pro- jects are perhaps the most widely recog- nized example in the US, but in Europe, the euro currency projects may involve even greater risks. As the countries of Europe enter the 21st centur y, they face a challenge of historic proportions. Conversion to a common currency, the euro, will not only involve economic issues — for example, the reduc- tion in exchange rate risks and the increase in price transparency — but also a number of business and technical issues. This article will explore a number of business and tech- nical issues concerning the euro conversion and suggest ways of managing the risk. The transition to European economic and monetar y union (EMU) is marked by the changeover to the euro currency from 1999to 2002. The coincidence of this transition with the Y2000 problem has been much commented on recently (see Table 1). Common issues for both are estimating, project management, defect management, regression testing, dependence on external contractors and package software, missing source code, and operating system, applica- tion, and hardware upgrades. In this article, I will focus on what is distinctive about the euro conversion. [Note: I have made use of many ideas from a 60-page article by Pieter Dekker on “Preparing Information Systems for the Euro.” The larger article is available on the Information Society Project Office (ISPO) site, at http://www.ispo.cec.be/y2keuro.] On 1 Januar y 1999, the euro will be created from the present ECU (European Currency Unit). Rates of conversion between the euro and the participating national currencies will be irrevocably fixed, and the euro will become the national currency in the partici- pating countries. To say that, for example, a euro is 0.776655 Irish pounds is just like saying that a foot is 30.48 centimeters — it is simply a different

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