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Legal Transformation and Contract Remediation

Accenture’s Legal Transformation practice offers specific solutions to meet the various challenges impacting a firm’s Legal function. Specifically, it offers contract remediation strategy, technology solutions and support to aid firms in managing large scale contract remediation programs due to regulatory change events such as LIBOR, BREXIT and more. Read our latest Legal Risk Study to rethink the financial services legal function: https://accntu.re/3eF9URP

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Legal Transformation and Contract Remediation

  1. 1. Don’t get left in the dark when LIBOR is switched off Legal Transformation and Contract Remediation
  2. 2. MANAGING CHANGE EXECUTION CHALLENGES CONTRACT and CLIENT LIFECYCLE Regulatoryand business- driven changes (suchas the retirementof IBORs)are expectedto impactfirms’ contracts Firms should take steps to identify impacted contracts and data across the enterprise Firms can automate remediationefforts through natural language processing (NLP) and robotic process automation (RPA) to target impacted contracts In addition to IBORs,GDPR, CCPA,Initial Margin, QFC, and Brexit may also require review and remediationof contracts Firms may need to conduct this remediationexercise again foreach new regulation and market shift Contract Lifecycle Management facilitates future change efforts through consistentcreation, storage, governance,and contract analytics THE BURNING PLATFORM OF CHANGE EVENTS Regulatory,marketand business-drivenchangeeventssuch as the London Interbank OfferedRate (LIBOR) Reform, Data Privacy, Brexitand third-partyrisk are necessitating the identificationof impacted contracts and the renegotiation ofimpactedterms in the coming years.This has overburdened FinancialServicefirms’Legalfunction. It is estimated that LIBOR-based contracts (such as interest-rate swaps, floating-rate notes and syndicated loans) total more than USD 350 trillion in notional outstanding value globally. Client LifecycleManagement further augments firms’ abilities to provide regulatory compliance,reduce risk and cost,and enhance the client- centric view Legend: • CCPA: California Consumer Privacy Act • IBOR: Interbank Offered Rate • GDPR: General Data Protection Regulation • LIBOR: London Interbank Offered Rate • QFC: Qualified Financial Contracts Copyright © 2020 Accenture. All rights reserved. 2 Sources: Accenture 2019 Compliance Survey
  3. 3. Base = Total sample;n=50 Copyright © 2020 Accenture. All rights reserved. 3 • 60% indicate their firm has either moved or plans to move any non-specialized / non-core legal work currently handled by their Legal function to a third-party legal managed services provider in 2020. • 64% indicate their firm has either shifted or plans to shift legal work currently handled by their Legalfunction to an internal shared services function in 2020. • 58% indicate their firm’s Legalfunction has either already invested or plans to invest in contract lifecycle/searchand extraction/technology tools in 2020. • 60% reporttheir firm’s legal function plans to employ workflow automation (e.g. for contract management)in 2020. • 54% of respondents agree their firm’s Legal function feels pressure to change its operating model and how it delivers services to be more responsive to business needs and rapidly shifting priorities. • 78% of respondents reveal their organization’s legal function either has examined or has plans to examine its operating modelin 2020. • What is the primary reasonyour firm's Legalfunction is consideringtransformationalchangeinitiatives/programsfor 2020? 46% 31% 23% Automating legal advice or work product Cutting costs Adapting to regulation ACCENTURE’S 2020 LEGAL RISK STUDY KEY FINDINGS Accenture’s 2020LegalRisk Study polled 50 staffers working within GeneralCounsel(Legal)functionsat financialservicesclients. A summaryof key findings is outlined below: Source: Accenture 2020 Legal Risk Study
  4. 4. Discovery Identify all in- scope contracts impacted. Quality Control (QC) for accuracy and completeness Digitize QC contracts, refine scope, and re-upload digitally Store and Digitize Store all contracts in a secure environment so they are accessible to relevant stakeholders Rebook Book contracts to trading, risk and accounting systems Signature Obtain signature from internal and client stakeholders Closure Receive confirmation from clients and finalize new contracts Review Client Feedback Update contracts to add new agreed upon fallback language Negotiation Discuss and agree on remediation action Client Outreach Reach out to clients to open discussions Create Contract Amendment Legal review of fallback language and other provisions across contracts Data Extraction Search contracts for relevant data and language. QC to make sure proper fields captured accurately Assessment Review exposure and impact of remediation Finance and Risk Review Review for impact on risk and financial measures 1 2 3 4 5 6 7 8 9 10 11 12 13 1. Discover and Analysis 2. Assessment and Amendment 3. Communication and Negotiation 4. Signing and Storing ACCENTURE’S CONTRACT REMEDIATION FACTORY APPROACH Accenture’s ContractRemediationfactory approachprovidesa scalable process for contractremediation.Thisapproachleverages Law Firm alliances,LegalManagedServices providers,Accenture Operations and tech tools like documentextractionsoftware. 4 Lifecycle phases 13 Underlying activities
  5. 5. 1. LegalChange/Transformation Strategy Strategies and advisory on how to enhance operational effectiveness ofGeneral Counsel/ Legal functions by current state assessments and recommendations 2. Process,Organizational,CostTransformation Eliminate waste and hand offs in Legalops by streamlining processes,improving technology facilitators / tools and measuring effectivenessof legal processes via key performanceindicators (KPIs)/ productivity measures (Shared Service reviews) 5. IntelligentAutomation/RPA Create automated solutions artificial intelligence / robotic process automation (AI/RPA)to aggregate and presentLegal processdata efficiently,eliminating manual effort(contract reviews, search and replace) 3. ContractRemediationand ContractAnalytics • Contract review, analysis, completenessassessments and contract amendments as well as governance and projectmanagement office(PMO) support in wholesale contract remediation programs (e.g. LIBOR,QFC)supported by contract analytics tools and dashboards • End-to-End contract remediationframework, playbook, workflow applications 4. ContractLifecycle Management Implementand customize workflow tools to automate the contract management lifecycle Legal Transformation Core Offerings/Solutions Our Assets and Accelerators Accenture’s LegalTransformationpractice offers specific solutions to meetthe variouschallengesimpactingthe Legalfunction. ACCENTURE’S LEGAL TRANSFORMATIONOFFERINGS & ACCELERATORS Copyright © 2020 Accenture. All rights reserved. 5
  6. 6. Areas where Accentureoffers capabilities,know-how and services for largescale regulatorychangeeventssuch as LIBOR, Privacy, Brexit. ACCENTURE’S OFFERINGS FOR REGULATORYCHANGE EVENTS Transition Office Structure and Strategy Impact Assessment Transition Strategy Transition Analytics and reporting • Program governance set up • Program office execution • Transition reporting dashboard and metrics • Benchmark positioning • Impact analysis • Transition planning • Regulatory response framework • Industry, market, and regulatory update tracking • Industry monitor • Transition monitoring (exposure/models/contracts) • Risk assessment monitoring • Scenario monitoring framework • Model Factory (update/validation/audit) Operational Readiness Contract Remediation Client Outreach and Communications New Rate Product Infrastructure • Transition operational risk and control framework and monitoring (including process, model, contract, technology) • First line conduct risk framework and monitoring • Change management execution (including communication and training) across the various journeys (including process, model, contract, technology) • End-to-end contract remediation framework and playbook • End-to-end contract remediation application suite • Contract inventory and exposure mapping • Contract data extraction, classification and amendment • Client outreach and negotiation • Contract signature and rebooking • End-to-end contract remediation dashboard • Organized upgrade journeys for major platforms in loan servicing, trading capture, valuation and pricing. • Platform upgrade factory • Rate calculator to accelerate calculating/validating new rates Risk, Finance and Treasury Infrastructure Data Remediation Release Planning and Execution Testing and Quality Assurance • Operational risk framework • Treasury risk process framework • Framework, technology analysis, and funding transition monitoring • Data impact analysis • Data remediation framework including governance and lineage • Integration of market data feeds from external source and mapped to new rates reference data • Standard technology delivery model by industry platform • Complex delivery planning using Accenture MyWizard® loaded with templates • Testing assurance framework based on industry platform testing pack • Testing factory set up to support across business process, data analytics, and technology changes. 1 2 3 4 5 6 7 8 9 10 11 12 6
  7. 7. 7 Learn more aboutAccenture’s ContractRemediationSupport: • Leadership Message: FS industry analysis via surveys and reports and how Accenture can help clients in their LIBOR transition • Capabilities: End-to-end capabilities and solutions to help clients in their transformation assessment, planning and execution • Events & Conferences: Global Accenture and external events focused on deep diving into LIBOR and other regulatory matters • Featured Content: Repository of featured content such as client stories, blogs, and more • News & Regulatory Updates: Timely headlines on global regulatory updates ADDITIONALRESOURCES https://www.linkedin.com/sho wcase/16183502 https://twitter.com/Acc entureFSRisk Visit our LIBOR Transition Site: www.accenture.com/LIBOR Lisa Bloomberg Director, Finance & Risk, Regulatory & Compliance Legal Transformation Lead lisa.bloomberg@accenture.com Contact us Garrett Swanberg Manager, Finance & Risk, Regulatory & Compliance Legal Transformation garrett.swanberg@accenture.com Samantha Regan Managing Director, Finance & Risk, Accenture Regulatory & Compliance Lead samantha.regan@accenture.com Connect with us LIBOR Blog: https://financeandriskblog.accen ture.com/tag/libor
  8. 8. LEGAL TRANSFORMATION AND CONTRACT REMEDIATION – AN OVERVIEW About Accenture Accenture is a leading global professional services company, providing a broad range of services in strategy and consulting, interactive, technology and operations, with digital capabilities across all of these services. We combine unmatched experience and specialized capabilities across more than 40 industries – powered by the world’s largest network of Advanced Technology and Intelligent Operations centers. With 505,000 people serving clients in more than 120 countries, Accenture brings continuous innovation to help clients improve their performance and create lasting value across their enterprises. Visit us at www.accenture.com Disclaimer This presentation is intended for general informational purposes only and does not take into account the reader’s specific circumstances, and may not reflect the most current developments. Accenture disclaims, to the fullest extent permitted by applicable law, any and all liability for the accuracy and completeness of the information in this presentation and for any acts or omissions made based on such information. Accenture does not provide legal, regulatory, audit, or tax advice. Readers are responsible for obtaining such advice from their own legal counsel or other licensed professionals.
  9. 9. Appendix: Select Contract Remediation Asset and Accelerator Details
  10. 10. ACCENTURE’S DOCUMENT SCANNING & TERM EXTRACTION PLATFORM Accenture’s AI based documentScanning and Extraction platform leverages automationthe extractionof criticalterms from Contracts (such as LIBOR references shown)in order to reduceoveralleffortand time to completeremediation. Tool configured to intake and digitize contract library Human Validation of extracted data in LIBOR workflow tool Tool extracts LIBOR-related clauses/terms from contracts ✓ Tool can run 24/7 and pre- gather information for known volumes (e.g., credit agreements) ✓ Tool extracts key information from contracts (LIBOR clauses, contract information) in place of manual searching ✓ Extracted data is readily available, with exception reporting ✓ Permits robust human review of technology extraction results to confirm quality Benefits
  11. 11. ACCENTURE’S CONTRACT REMEDIATION REPORTING PLATFORM Accenture’s ContractRemediationReportingPlatform has dynamic dashboards,allowing robustand flexible status reportingand managementinformationdown to granulardetailto track contractremediation progress. Status tracked in a dynamic dashboard to view Contract Progress and Exposure Benefits ✓ Increased data insights to understand impacts such as the number of contracts requiring remediation, amount of exposure, and remediation status ✓ Ongoing improvement of reporting processes and management information for governance Dashboard displays management information at Contract, Client, and Portfolio level for our client stakeholders