01.
The Challenge
With the phase-out of LIBOR and the transition to alternative rates like SOFR, the Client faced challenges with certain “Tough Legacy” securities lacking fallback provisions. In response to an action plan issued by the Internal Audit group, the risk organization sought a partner to ensure readiness for the transition. RGP was selected to lead the initiative, which involved creating a strategic project plan with strong governance, managing customer exposure, and ensuring effective communication. The program engaged over 100 stakeholders across various departments and ten technology teams to ensure operational readiness and a smooth customer experience.
02.
What We Did
RGP deployed a team to lead the program and develop a strategic approach to meet the Client’s LIBOR transition objectives. The initiative involved managing projects, performing business analysis, writing business requirements, executing user acceptance tests, and preparing management updates. RGP designed a Tableau-based client exposure report, mapped complex data flows, and established a monthly distribution process. A communication strategy was created to raise awareness of LIBOR risks, including indicators on portfolio pages and warnings for customers. RGP also collaborated with technology teams to assess operational readiness and blocked purchases of high-risk “Tough Legacy” LIBOR-linked securities.
03.
Our Impact
RGP led the successful implementation of the Customer Exposure report, ensuring operational readiness and closing the Internal Audit action plan, while guiding the LIBOR cessation initiative.
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