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The impact on more than $400 trillion of financial assets, spanning across countries and interest rate sensitive assets underscores the enormity of the LIBOR transition program and the challenges it presents to banks and financial services firms. Challenges range from identifying exposures to contract management and defining new rates strategies and products to recalibrating models and client outreach. Despite the ongoing COVID-19 crisis, the US Fed and Bank of England have reiterated their stance on not having firms rely on LIBOR post December 31, 2021.
TCS offers a range of services to enable seamless LIBOR transition at banks and financial services firms. These include:
In addition, TCS has a host of solution accelerators including a digital playbook for exposure monitoring and reporting, cash flow analytical sandbox, contract management and client outreach tool, and communications management workflow tool.
TCS offers an array of choices to BFSI firms given an expansive portfolio comprising in-house solutions such as LIBOR Workbench and alliances with Kofax, WorkFusion, Pega, Appian, and others for contract management.
Our solutions and services provide full lifecycle coverage to BFSI firms for LIBOR transition, ensuring cost efficiency along with best-in-class services. Firms can gain access to industry best practices owing to TCS’ connect with the Alternate Reference Rates Committee (ARRC), Bank of England, and so on.
Financial services firms can benefit from our detailed and structured approach to managing and mitigating conduct risk, program risk, and financial risk, and leverage our solution accelerators the execute the transition in a timely and cost-effective manner.