Artificial Intelligence (AI) has arrived and is set to transform the financial services industry in the upcoming years. AI solutions have been developed to specifically assist firms with the legal documentation review process. Several solutions have gained traction in recent years, facilitating the arduous and costly process of “re-papering” financial contracts. The ability to consistently and accurately process millions of lines of contractual language and produce auditable results gives the leading AI tools an important advantage.
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Regulation Best Interest: Raising the Bar for Broker-Dealer Standard of Conduct
The establishment of Regulation Best Interest (Reg BI) marked a major milestone for the U.S. Securities and Exchange Commission (SEC). It raises the bar for Broker-Dealer Standard of Conduct and will significantly enhance protection for U.S. retail customers, or “two-legged individuals”, who receive recommendations from broker-dealers for the purposes of managing personal, family, or household wealth.
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Executing IBOR Transition Programs for Global Financial Institutions
The use of Interbank Offered Rates (IBOR) has dwindled in recent years as fewer banks rely on interbank funding sources. As a result, continued use of IBORs has prompted on-going concerns, with regulators around the globe pressuring banks to pursue new benchmark rates that are market-based and not subject to market manipulation. Sunsetting IBOR and transitioning to alternative risk-free rates (RFR) requires banks to build, strategize, and execute amid industry-wide uncertainties and challenges which now includes a global pandemic.
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LIBOR Transition: Consider Your Customers
Global financial regulators have issued more than $26B in market conduct fines to financially regulated institutions and individuals since 2012. Although financial institutions have learned to navigate uncertainty and manage the complex risks associated with market conditions, the House Financial Services Committee’s Congressional Hearings continue to suggest that firms struggle to address the critical issue of conduct risk.
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Building IBOR Transition Programs for Global Financial Institutions
“The end of LIBOR: the biggest banking challenge you’ve never heard” highlights both the challenges and complexities of the transition away from IBOR benchmarks and the general lack of industry awareness. Given the importance of IBOR as reference rates for vast amounts of loans and traded product exposures, financial institutions should quickly mobilize their resources to tackle the significant upcoming challenges.
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Software Testing Trends: 2020 and Beyond
As we progress into 2020, software testing continues to be top of mind across many industries, and there are a lot of exciting innovations facilitating improvements. Growth in automation, machine learning, and AI coupled with improved testing methodologies will make 2020 a year to remember.
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