The Legal department (London COO team) of a global investment bank.
Issues that we helped identify
The client needed to collate data contained within a significant population of ISDA/CSA master agreements.
The data is required to meet a wide range of strategic initiatives, driven by both demands from internal consumers and increasingly varied and stringent requirements imposed by regulators.
We assisted the client in defining the overall scope and structure of the required data model as well as the design of reports to satisfy the demands of both internal risk management functions and external regulators.
How did we help our client?
- Database design and testing: we were heavily involved in the design of the relevant data capture platform and conducted extensive UAT on the prototype model
- Protocol: we created a detailed “playbook” stipulating the process to be followed to create a data record (both in terms of the use of (i) the client’s documentation and static data management systems and (ii) the data capture tool to ensure consistency of approach across multiple records)
- Data capture: we deployed a team of experienced lawyers and paralegals to review and analyse the client’s ISDA/CSA documentation and to create the necessary data records within the data capture platform.
How did the project benefit our client?
Over a period of four years, we created a significant database of legal and commercial terms relating to both pre-existing (or “legacy”) documentation and newly executed ISDA/CSAs.
The database currently contains records relating to circa 50,000 agreements.
Access to this data has transformed the client’s ability to:
- Disseminate information throughout the organisation to better inform a wide range of risk management and trading decisions
- Meet increasingly stringent regulatory standards
- React to actual or threatened market events
- Pre-plan for counterparty default scenarios
- Proactively identify unacceptable risk within their documentation portfolio and facilitate remediation exercises.
Project time and resource
We have been engaged on the project for in excess of four years.
In response to various project milestones and priorities, our team has, over time, fluctuated between a maximum of ten and a minimum of three consultants.
Utilising a flexible resourcing model, whilst maintaining a core presence on-site at the client’s premises in London, we have deployed additional consultants from time to time in DRS offices to allow us to respond promptly to increases in workflow or urgent enquiries.