The LIBOR Transition Platform is an integrated solution, which can be used for handling the enormous repapering workload arising from the upcoming LIBOR transition. By connecting BRYTER with a contract analysis software of your choice, the LIBOR Transition Platform offers an integrated and seamless workflow for identifying, analyzing, triaging and processing documents affected by the LIBOR transition.

Background

With the permanent discontinuation of LIBOR from 2022 onwards, banks and other financial institutions are confronted with the challenge of reviewing, renegotiating and adjusting a huge number of documents containing contractual references to benchmarks, such as, LIBOR. While existing contract analysis software can be used for reviewing large document sets potentially affected by the LIBOR transition, the diversity and ambiguity of the language used in many legal documents presents challenges to an entirely unsupervised machine-driven process. As such, there is a need to triage and further reasoning the information identified by a contract analysis software. This reasoning can be automated using BRYTER’s LIBOR Transition Platform.

The LIBOR Transition Platform offers an integrated solution which combines both bulk analysis of large document sets using contract analysis software with rules-based reasoning and workflow built in BRYTER. This enables law firms and financial institutions to leverage the advantages of both technologies and create a seamless workflow for handling the enormous workload which the LIBOR transition entails.  

Benefits

Automated & standardized

The LIBOR Transition Platform allows you to automate and standardize the process of analyzing, triaging and repapering large document sets.

Faster execution

The sheer volume of documents which need to be analyzed and processed in the course of the LIBOR transition necessitates an automated workflow. 

Centralized audit trail

The analysis and processing of all documents on the LIBOR Transition Platform is tracked and recorded in a centralized audit trail. This provides a real time insight and overview of the project’s status.

Integrated

The LIBOR Transition Platform connects the BRYTER core automation platform with contract analysis software of your choice establishing a seamless and integrated workflow. 

Highly customizable

Every tool built on BRYTER is customizable. Amongst other things, this allows you to easily adapt the structure of your legal reasoning process to the specific requirements of the type of documents you are processing. 

How it works

1

Analyze documents

Large document sets potentially affected by the LIBOR transition are uploaded to a contract analysis software. This software analyzes all such documents to identify and extract relevant information and metadata.

Apply reasoning

All documents which have already been analyzed by the contract analysis software, are displayed on the dashboard of the LIBOR Transition Platform. From there, the user can triage relevant documentation (i.e. disregarding documents which do not contain reference to LIBOR) and conduct a customized and automated review of each of these documents using BRYTER’s automation platform.

2
3

Monitor progress

The dashboard of the LIBOR Transition Platform allows the team to monitor the progress of the overall project as well as its component parts. In addition, the LIBOR Transition Platform can estimate the amount of further work involved and likely costs which the project will entail.