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Mitigate risk from LIBOR contracts.
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.
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.
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.
Continually monitors and audits document remediation process for continuous improvement.
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.
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.
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.
Find out how ABBYY Digital Intelligence solutions for Financial Services can address your needs.
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