Client: Internationally active private and retail bank

Challenge:

The international private and retail bank was faced with the challenge of replacing the outdated LIBORs (London Interbank Offered Rates) and switching to the new alternative reference rates (ARRs) such as SARON (Swiss Average Rate Overnight). This changeover was not only required by law, but was also crucial for the bank’s competitiveness and future security.

Our role:

As part of the project, we took on various key roles:

• Sub-project manager: coordination of project activities and responsibility for the timely implementation of the changeover.
• Business analyst: Analyzing the existing systems and processes and defining the requirements for integrating the new reference interest rates.
• Subject matter expert: Providing expertise on regulatory requirements and market mechanisms to support the bank in adapting its products and services.

Solution:

We developed a comprehensive implementation plan that involved the bank’s various stakeholders. The analysis of existing processes enabled us to identify potential risks at an early stage and implement targeted measures to mitigate these risks (e.g. parallel implementation). By working closely with the IT and specialist departments, we ensured that the technical adjustments were implemented smoothly.

Result:

The successful replacement of LIBORs with ARRs was completed on time and without any disruption to business operations. The bank was able to successfully adapt its products, open up new business opportunities and continue to position itself as a trustworthy partner in the financial sector. Our expertise and efficient project management led to a seamless transition and improved the bank’s competitiveness.