Mr Fleetwood said: 'The tremendous amount of testing was expensive and time consuming, but it worked.
'The problems experienced by the public sector were minute. Remember all the doom-laden forecasts in the months running up to millennium eve.
'For many, notably in the media, the fact the Y2K bug did not bite turned the event into a damp squib and raised doubts there had been a problem in the first place.
ALARM is developing a national risk management standard in conjunction with other UK risk management bodies.