FTI Consulting Launches LIBOR Transition Task Force
Washington, D.C., Dec. 12, 2019 — FTI Consulting, Inc. (NYSE: FCN) today announced the formal launch of its LIBOR Transition Task Force, a multidisciplinary group that leverages expertise from across the firm to help clients successfully navigate the transition from LIBOR to alternative reference rates before the 2021 deadline.
FTI Consulting works with clients, industry groups, law firms, and policy makers to map out obstacles and the expertise required to navigate them. It also continues to monitor developments from industry working groups including ISDA, SFIG/SFA, LSFT, SIFMA, and ARRC.
FTI Consulting’s LIBOR Transition Task Force is chaired by Executive Committee member John Klick and comprises senior experts from the firm’s core disciplines, including Franck Risler, William Nolan, Marc Walby, Colleen Hsia and Ryan Drimalla. The task force advises affected stakeholders on the most challenging issues related to the shift in reference rates, including:
- Identifying and inventorying firmwide LIBOR exposure. FTI Consulting’s e-discovery experts utilize a structured analytics engine that identifies and analyzes a company’s relevant contract universe. Working alongside legal counsel, FTI Consulting’s AI-driven solutions assess the current state of fallback provisions and prioritize contracts that require remediation or renegotiation.
- Real-time, dynamic modeling of the multi-faceted quantitative challenges of the LIBOR transition. FTI Consulting has developed Quantum, an adaptable and scalable proprietary analytics and risk-management system that delivers valuations, advanced risk reporting and sophisticated stress-testing tools. Combined with world-class quantitative and trading experts, FTI Consulting is uniquely positioned to support clients through the rapidly evolving quantitative challenges of the LIBOR transition.
- Developing enterprise-level communications. Companies must ensure that their investors, clients, and employees are informed and prepared for questions about the repercussions, including what is happening, how it impacts them and what is being done to protect clients and investors. FTI Consulting’s communications experts bring their deep financial industry expertise to help clients prepare for, anticipate, and respond to key stakeholders affected by the LIBOR transition.
The LIBOR Transition Task Force includes experts who have built and managed trading and investment businesses in major financial institutions; quantitative experts who have contributed to derivatives valuation theory and developed global trading and risk-management infrastructure; data management experts who have responded to changes in regulation from a contracting standpoint; and strategic communications professionals with experience helping financial institutions navigate transformational regulatory changes and crises.
“The transition away from LIBOR is a complex and sweeping market event that is continually evolving as new developments arise from industry working groups and regulators. FTI Consulting’s breadth of expertise enables us to provide dynamic, customized end-to-end solutions for clients faced with this transition,” Mr. Klick said. “FTI Consulting is well-positioned to help clients protect against potential risks that arise from financial exposures, process disruption, miscommunications, litigation and regulatory actions.”
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