Technology for LIBOR Transition - Financial Services Solutions

Handling the transition from LIBOR effectively is becoming high on the priority list for organizations as the 2021 deadline draws nearer. In light of the 2020 pandemic, budgets are being impacted, and organizations are looking for more effective ways to address this problem. While challenging, the LIBOR transition presents tremendous opportunity for technology to help make knowledge workers more effective by allowing their skill sets to scale.

The perfect use case for AI with machine learning

Instead of reading through documents one by one to identify those impacted, AI can learn to understand these documents in the same way that experts do. ABBYY helps banks and financial institutions apply AI and machine learning to the complex LIBOR remediation process to implement a frictionless process for reviewing hundreds or thousands of documents, extracting LIBOR-related entities, and funneling identified documents to the legal team. With the time-consuming, error-prone task of sifting through mountains of documents being handled for them, legal specialists can focus 100 percent of their efforts on applying their expertise to the task of remediation.

Features & benefits

The benefits of ABBYY technology for LIBOR transition don’t end when LIBOR goes away. Our Process Intelligence technology delivers value over the long term, with continuous process monitoring for compliance and efficiency improvement.

Discovery

“Learns” rules for identifying LIBOR exposure.
Searches multiple repositories to identify impacted documents.
Classifies each document as “safe” or “needs review”.
Identifies all impacted processes and human interactions with them.

Analysis & Monitoring

Extracts LIBOR-related terms from identified documents.
Routes documents to legal team for amendment.
Monitors progress of the process and adherence to compliance requirements.

Contract lifecycle management

Continually monitors and audits document remediation process for continuous improvement.

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eBook

Preparing for LIBOR Expiration: Conquer Document Remediation at Scale

With LIBOR going away by the end of 2021, the time to act is now. Download this eBook to learn how to prepare for LIBOR transition with ABBYY's Digital Intelligence platform.

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BLOG ARTICLE

Why AI Matters in LIBOR Transition

While officially a UK protocol, LIBOR is used as a reference rate by financial institutions around the world, including the United States, and its impending demise has generated calls to action across the global banking and finance industry.

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WEBINAR

Mitigating Risk from LIBOR Contracts

See a demo of how AI technologies can be deployed to identify and remediate LIBOR contracts, to monitor and audit processes, and to gain key takeaways on how to lead your LIBOR transformation initiatives.