As the world continues to digitize at rapid speeds, they way we work, purchase, and consume information has completely transformed. The impact of these all these changes and how we better can protect ourselves is just becoming clear. As we have seen with disruptive technology in the past, governments are establishing new regulations and rules in an attempt to bring structure and law to this new digital world.
Accommodating changes to these new rules and regulations is no longer just a procedural obligation that organizations address on a quarterly (or sometimes annual basis). It is imperative that organizations maintain compliance with upcoming regulatory changes or face significant fines and disruption. As the numbers of clients, employees, risks, services, and contracts grow within an organization each year, managing regulatory response compliance has become a competitive advantage for the organizations that turn these obligations into opportunities for their business.
Heretik’s solution provides legal document-specific machine learning models, intelligent extraction models, and configurable work flows to allow teams to quickly review massive quantities of legal records and pinpoint areas of risk with the needed context. This allows teams to execute remediation plans with higher precision in a fraction of the time, and set your team up for a scalable, repeatable process. That, along with real time data to get ahead of upcoming regulatory changes, gives your team the advantage to focus on core competencies and beat the competition.
Global banks provide global loans to other banks and parties which have varying durations and are tied to LIBOR.
Many investment instruments and securities (Bonds, Collateralized Loan Obligations (CLOs), Preferred Stock) are tied to LIBOR.
~$370T in loans are tied to LIBOR. Banks need to review their current loans and respective contracts to identify which loans are impacted by LIBOR, which have durations that go beyond LIBOR being phased out, which have the appropriate fallback language, and which need to be repapered.
The preferred stock market is ~$900B. Securities are structured off a floating rate tied LIBOR and many of the securities go into perpetuity. Most all are callable, so Bankers need to be able to answer questions from the securities’ prospectuses to understand the impact when the securities are called.
Watch how Gravity Stack has been tackling LIBOR and IBOR projects with their ‘Diligence’ framework, which uses the power of Heretik Analysis.
Heretik’s machine learning models classifies contracts, prospectuses, and other legal agreements related to these loans and securities
Heretik’s keyword search, term highlights, and regular expression analysis allows for every key terms and data points to be identified. With a single click, a reviewer can be taken to where in the document that term was identified to ensure the full context is available for proper interpretation
Heretik helps banks quickly identify which loans or documents have LIBOR tied to them and which will extend beyond LIBOR being phased out so they can focus the scope of their reviews
Heretik’s Document Assembly can repaper loans tied to LIBOR with updated amendments and rates (e.g., SOFR), as necessary
California is the first state to further a growing commitment to protect the rights of individuals to privacy of information. The California Consumer Privacy Act (CCPA) was passed with the intention that it would help provide citizens with more protection from larger entities that may want their information or data.
Of course you’ve heard of Brexit. It’s been a global headline since the United Kingdom (UK) announced their decision to leave the European Union back in 2016. In this post, we’re going to highlight how the implications of Brexit span far beyond the UK and the EU, and how organizations can be prepared for these immediate changes.