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Improving effectiveness and efficiency

Transforming Compliance

Compliance functions, across financial services, have gone through a major period of growth and investment since the 2008 financial crisis. Many firms have seen a massive expansion in their Compliance functions since then. Despite this, they have been put under significant strain as a result of the COVID-19 pandemic. As firms assess the extent of the impact and embrace the new reality of COVID-19, there is an increasing realisation of the need to improve the effectiveness and efficiency of the Compliance function. In this paper, we focus on how Compliance can meet these twin objectives and what firms need to consider when transforming their compliance function.

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5 key activities financial services firms should consider when transitioning from IBOR to RFRs.

Bye-bye IBOR

Benchmark rates are changing and this is having a massive impact on financial markets and market participants around the world. Yet, with little clarity on the plan for transitioning away from the established Interbank Offered Rates (IBORs), many financial services organizations are struggling to manage the risks and develop their transition strategy.

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One of the greatest internal risks to a LIBOR transition program is the identification of all relevant legal language and documentation, including contracts, leases, SLAs/OLAs.

Integrating AI - LIBOR to RFR Transition

Scrutinizing contracts is time consuming and difficult to manage on a global scale. Any change entails reviewing all in-scope contracts to determine the right transition path. When done manually, this places a heavy burden on finance, legal, and operations teams. To address these challenges, KPMG brings together two assets to automate contract analysis and remediation

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The ECB requests IBOR reform plans from European significant institutions

The IBOR Reform: ECB Dear CEO Letter

The ECB has written to CEOs of significant institutions asking them to present an IBOR reform risk summary and a detailed plan of action for the transition

Read more: The IBOR Reform: ECB Dear CEO Letter

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