While everyone is awaiting the cessation announcement, it is time to start the transition of your legacy business now!
While doing that it is imperative to address key challenges:
- Product universe: establish a comprehensive plan for each product type including product conventions, transition paths, alternative offerings etc.
- Tough legacy: how to handle contracts which cannot be migrated
- Handling of regulatory and market information: staying up-to-date while mastering the flood of information to identify the relevant to-do’s
- Internal and external communication: how to educate staff and clients on the LIBOR transition meeting all Business and regulatory requirements
- Processes and controls: establish responsibilities, controls and processes including an audit trail to mitigate conduct risk
In our recent #CapTalk our experts explained how to kick start your transition programme by answering the most pressuring questions, helping you to avoid common mistakes and keep calm in 2021.