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Cognitive Contract Management for Financial Institutions

Cognitive Contract Management for Financial Institution

A LIBOR repapering solution from KPMG and Appian

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Chris Long

Principal

KPMG in the U.S.

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Financial services institutions face an environment of political and regulatory uncertainty. The retirement of LIBOR in 2021, changes associated with Brexit, and regulations around initial margin are forcing companies to repaper and renegotiate existing client and trade contracts. 

The process of scrutinizing these contracts is time consuming, highly manual, and difficult to manage on a global scale. Transitioning away from the LIBOR benchmark alone entails reviewing all existing credit agreements and contracts and determining the right transition path. When done manually, this task places a heavy burden on finance, legal, and operations teams that must find, assess, and remediate all LIBOR instances.

To address these challenges, KPMG professionals with deep experience in financial contracts and banking practices bring together two technologies:

  • Ignite is KPMG’s proprietary, global AI platform. It enables financial institutions to rapidly parse and analyze large volumes of contracts and other types of unstructured data using state-of-the-art machine learning and natural language processing.
  • Appian is a leading low-code development platform and a leader in Intelligent Business Process Management and Dynamic Case Management. With Appian, IT and business leaders work together to create solutions tailored to their unique needs with customizable business rules and workflow, real-time reporting, and document sharing. This combination of speed and simplicity enables financial institutions to quickly deliver transformational business applications that leverage systems and data in place for unified, actionable views.

The combination of Ignite and Appian enables KPMG professionals to deliver custom-fit solutions that help automate contract analysis and remediation, including LIBOR repapering.

Some or all of the services described herein may not be permissible for KPMG audit clients and their affiliates or related entities. Any trademarks or service marks herein are the property of their respective owners.

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