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.
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