Overseeing LIBOR Transition for a Fortune 100 Financial Institution
In this highly visible, multi-year engagement, PPG worked closely with the client to help solve economic and operational challenges in transitioning to LIBOR in a rapidly changing environment
Project Management - LIBOR Transition
Due to our strong record of project and change management, Potomac Point Group (PPG) was engaged by the capital markets division of a Fortune 100 company to spearhead their transition efforts from LIBOR to alternative reference rates.
Coordinated funding requests and managed reporting of a ~$10M annual program budget
Prepared a suite of detailed reporting deliverables for senior leadership, and collaborated with business areas to develop comprehensive LIBOR transition plans, vision documents, market communications and more
To help facilitate an orderly transition, PPG leveraged its expertise in financial services and change management to structure an enterprise-wide program with multiple workstreams. A program management office was quickly established to coordinate all transition activities centrally across divisions and the team worked in lockstep with the client to define the scope of each workstream, assigning roles and responsibilities accordingly. In addition to coordinating transition activities, PPG participated in the design and risk governance of new market offerings, as well as supported the adoption of new alternative reference rate trading capabilities.
Through meticulous and coordinated management of multiple transition activities, PPG successfully oversaw the transition of billions of dollars’ worth of LIBOR positions. The client was able to achieve an orderly transition with minimal disruption to ongoing business activities.