The Financial Conduct Authority’s decision to move away from LIBOR by 1 January 2022 as the primary reference rate for short term lending has left financial institutions and investment funds with the daunting task of reviewing enormous volumes of contracts to determine which of them are impacted by the LIBOR transition, which of them have sufficient fallback mechanisms in place, and which of them need to go through an amendment and repapering process.
Kira’s state of the art machine learning technology automatically identifies and extracts information from contracts and comes with over 1,000 built-in smart fields, a number of which are directly related to IBOR review; 24 credit/facilities agreement smart fields, 14 corporate bond indenture smart fields, and multiple smart fields for ISDA Master Agreement Schedules and ISDA Credit Support Annexes. If the review requires the identification of additional or unusual information, Kira Quick Study can be used to identify virtually any desired clause.
Using Kira’s intuitive user interface, organizations gain an immediate high-level understanding of the potential impact an IBOR transition will have on their documents and can quickly tailor and export summaries of important provisions.
How does it work? Kira processes contracts in dozens of formats and automatically converts them to machine readable text. It includes workflow tools for your team to validate the results prior to them being exported into reports in Excel, Word or PDF.