
The transition away from LIBOR requires banks to adjust their lending and risk management practices to mitigate impacts on operations and clients.
- Conduct a portfolio audit to identify exposures to LIBOR.
- Develop transition plans for products and contracts affected by LIBOR cessation.
- Communicate with clients about the transition and its effects on their products.
- Train your staff on alternative reference rates and new procedures.
Establish a LIBOR transition task force. Begin comprehensive planning and client communication strategies to ensure a smooth transition.
For more insights, products, and toolkits for financial services, please visit https://www.finantrix.com