Extension of Daylight Saving Time Reminder to Banks to Assess Impact of Extended Time Change on Information Systems
Summary: | The FDIC is alerting financial institutions that, with the extension of Daylight Saving Time (DST) this year, financial institution management should assess the impact of this change on information systems and implement appropriate updates where needed. DST will begin earlier and end later than in previous years. This year, DST will begin the second Sunday in March and end the first Sunday in November. |
Highlights:
Continuation of FIL-17-2007
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Suggested Routing:
Note:
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Financial Institution Letters
FIL-17-2007 February 23, 2007 |
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Extension of Daylight Saving Time
The FDIC is reminding financial institutions of the potential impact and related risks posed by the upcoming change to Daylight Saving Time (DST), and is providing risk- mitigation strategies. As mandated by the U.S. Energy Policy Act of 2005, DST in the United States will begin the second Sunday in March and end the first Sunday in November. For 2007, those dates are March 11 and November 4, respectively. Previously, the start date for DST in the United States was the first Sunday in April and the ending date was the last Sunday of October. Risk-Management Considerations The impact of the DST change may not cause system failures; however, without remediation and preparation, financial institutions could experience automated logging errors, system monitoring difficulties, degraded system performance, or disruption of some services. In addition, malfunctioning systems could result in compliance errors (e.g., incorrect ATM disclosures) and malfunctioning security systems. Examples of other systems that may be affected include those controlling heating, air conditioning, lights, alarms, telephone systems, PDAs (personal digital assistants) and cash vault doors. Financial institution management should assess the potential impact of the DST change on its hardware and software and plan for appropriate changes. Management should review both date and time stamp processes and the many time-sensitive routines essential to information systems. Management should address this issue in a timely manner by taking appropriate steps, such as those listed below:
Financial institution management should develop and follow procedures to ensure the DST change readiness. Examiners should verify that management has taken appropriate steps to address the DST issue.
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Additional Related Topics:
- Guidance on Developing an Information System Patch
- Management Program to Address Software
- Vulnerabilities (FIL-43-2003, issued May 29, 2003)