Banks are staring down the pipeline at several enormous regulatory changes through 2021 including the LIBOR transition.
The Australian Securities and Investments Commission (ASIC) recently urged CEOs of financial institutions to understand the full impact of LIBOR on their contracts and business processes and take immediate action to address the upcoming transition.
ASIC Commissioner Cathie Armour said, “We encourage all firms that may have exposure to LIBOR to assess the extent of their use of LIBOR and to take timely action to plan for a world in which LIBOR is no longer available.”
A recent article in BobsGuide also highlights the pressure banks are under to keep up with the repapering exercises needed to successfully navigate upcoming regulatory changes.
As Justin Ridl, global head of legal services at Cognia Law, shares “With phase five of variation margin kicking in September next year, and Brexit whenever that happens, and then this LIBOR monster that is coming, the biggest challenge is whether there are going to be enough legal resources in the market to support all of those regulatory reform repapering.”
Most banks plan to hire temporary staff to dig through contract populations and manually update documents. It’s expensive, operationally risky and progress tracking is opaque.
Recognizing the enormous pressure banks are under to navigate these regulatory shifts, we created Opal, a modern suite of cloud-based tools and templates built to help organizations better create and manage documents across the enterprise.
We built Opal’s repapering application to offer financial institutions a more modern, time-efficient way to manage these complex regulatory changes and quickly repaper clients through bulk automation.
To learn more about how Opal can help your organization prepare for LIBOR, variation margin, Brexit and more, visit https://voxfp.com/products/opal-repaper/.