Bank of Montreal Converts its LIBOR Portfolios
TCS helps transform Bank of Montreal’s financial portfolios from LIBOR to ARR
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Challenge
The Bank of Montreal wanted to convert its LIBOR portfolios to alternative reference rates
The discontinuation of LIBOR rates and their replacement with the overnight alternative reference rates (ARR) due to rate manipulation by the panel banks led to the banking institutions converting the reference rates on the existing financial portfolios from LIBOR to the new ARRs within a strict deadline. Along with maintaining regulatory compliance requirements, the Bank of Montreal had to ensure the functionalities across their banking platform worked as expected with the introduction of ARRs. They needed to fill the resource gap and build a repository of ARRs and regression test cases.
Solution
TCS helped identify test scenarios and deferred payments on LIBOR loans.
The Bank of Montreal, a multinational investment bank, needed a robust solution with a holistic approach to convert their LIBOR portfolios to the new ARRs. TCS helped BMO identify test scenarios by creating a comprehensive data set of over 500 test cases. By developing over 200 test cases on the new functionalities of the ARR, TCS helped the client ensure compliance with new regulations, understand the impact across the industry, and meet the targeted deadline for regulatory requirements through effective resource management. TCS also helped BMO understand the impact of payment deferral on LIBOR loans due to the COVID-19 pandemic. TCS eventually helped the client convert the reference rates on their existing portfolio to the new ARRs within the 2021 year-end deadline
"TCS was instrumental in helping BMO establish Alternative Risks Rate (ARR) functionality assisting in identifying test scenarios, creating test cases for new functionality, and executing the successful test plan." -Brian J. Swayne, Head Corporate Commercial Banking Operations (CCBO) Project Delivery, BMO Financial Group
Benefits
Transitioning loan payment deferral platforms from LIBOR to ARR with test cases.
TCS helped the Bank of Montreal convert the reference rates on their existing LIBOR financial portfolios to the new ARRs. By developing a comprehensive database of test cases and training content, TCS helped BOM implement a defect management process.
TCS solution provided the following benefits to the Bank of Montreal:
- Early identification of defects by 2% on the Loan IQ platform
- Expansion of knowledge repository with a database of test cases and training content
- Expedition of the compliance process in line with ARR regulations
- Tracking, monitoring, and maintaining visibility of issues to remediation
- Business strategy identification and planning the next steps via key data analytics
- Expedition of UAT regression test case preparation with timely solutions
- Improved customer service capability with transition of internal process
What Made it happen
Click Here
Risk and Compliance functions are looking to drive intelligent interventions in information and control assurance as higher probability of risk demands enhanced controls for effective risk and compliance management. The TCS solution caters to the BFSI industry enabling compliance, driving automation and optimization of costs.
The economic uncertainty resulting from the COVID-19 crisis has made it imperative for banks to relook at their counterparty risk management practices. With TCS’ Early Warning Framework, banks can assess the riskiness of counterparties in near real time.
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