5 Tips for Leaving LIBOR Behind in 2021
When the end of LIBOR was announced three years ago, the changeover to a new benchmark seemed a long way off. Many finance and legal professionals considered the task of updating legacy contracts with a new lending rate framework as a distant hurdle, somewhere over the horizon, far down the road.
But now we’re in the home stretch. Despite regulators’ accommodation for legacy contracts through June 2023, the deadline is still December 31, 2021 for the industry to stop using LIBOR in new contracts. Additionally, there’s still pressure to address legacy contracts that mature after June 2023. That means there’s much work to do around identifying, categorizing and updating potentially millions of affected contracts. Financial institutions cannot afford to ignore this any longer — otherwise, they face regulatory fines, litigation, negative press and/or reputational damage.
For firms that are “lost in transition” and feeling overwhelmed by the volume and complexity of work still to be done, here’s a roadmap to get back on track. Our new white paper, Five Tips for Leaving LIBOR Behind in 2021, provides a planning framework to help you efficiently, easily and methodically:
- Identify contracts that reference the LIBOR benchmark
- Use AI-enabled tools to analyze documents and identify changes needed
- Leverage innovative digital tracking tools to streamline workflows
- Create detailed audit trails and compliance reports
- Simplify stakeholder communications for fast adoption and approvals
Time is of the essence. Download this critical white paper today.