Establishing a robust governance program with senior executives who oversee, and are held responsible for, the firm's enterprise-wide LIBOR transition program.

Developing an enterprise-wide transition-management program across all functions and businesses to aid in the evaluation and mitigation of transition-related risks.

Implementing a communication strategy in order to proactively engage, communicate with, and educate impacted stakeholders.

Identifying and validating LIBOR product exposure during the transition period and developing ways to value SOFR products.

Assessing the impact of and designing a plan for contractual remediation by reviewing existing LIBOR contracts, service level agreements, and benchmarks and projecting the impact of fallback execution. For new LIBOR contracts, the checklist recommends that buy-side firms consider incorporating the recommended fallback language developed by the ARRC (see Legal Update, ARRC Recommends Fallback Benchmark-Replacement Language for Syndicated Loans and Floating Rate Notes).

Developing a product and portfolio strategy for transitioning LIBOR products.

Managing and overseeing risks associated with the transition, including market readiness, business impact, documentation requirements, financial, and legal.

Developing an operational and technology readiness plan to assess where LIBOR is primarily used throughout the business.

Determining accounting and reporting considerations, including investment and client accounting goals.

Determining taxation and regulatory considerations, including the impacts of hedge accounting based on current guidance and regulatory capital.