A large US Asset Manager wanted to understand its exposure to IBOR across a variety of assets they held (CLOs, RMBS, CMBS etc) to identify any risks associated with the cessation of IBOR and subsequently define a remediation strategy.
They wanted to understand the position they would have based on the impact of the remediation strategy.
The client reviewed Likezero against three other software solutions and selected Likezero due our ability to deliver the project in 25% of the time and cost of our competitors. Additionally, our proven track record of delivering market leading IBOR transition projects coupled with domain expertise gave the client confidence that Likezero was the best solution.
Across a 5 week period we were able to:
1_ Understand the impact: We loaded all the asset managers documents and rapidly built a contracts inventory which enabled our client to understand relationships across products, documents and entities.
2_ Analyse the impact: We analysed the legal language within the contracts inventory to identify the impacted scope uncovering:
3_ Define the remediation pathway: Based on the analysis we defined the remediation strategy for each document and confirmed the level of control the Asset Manager had over assets purchased.
reduction on manual review
variations of “one month IBOR”
Enterprise Risk Officer