I used a similar approach (using predefined perl vars to create the password) at a previous job, and was able to pass it by management there, and at corporate level.
in reply to Re: Security: balancing two conflicting password policies
in thread Security: balancing two conflicting password policies
It's like any other lock though, it only keeps honest people honest. Nothing is 100% secure.
If you give a man a fish he will eat for a day.
If you teach a man to fish he will buy an ugly hat.
If you talk about fish to a starving man, you're a consultant.