Wolters Kluwer launches toolkit to support corporate counsel navigate bank failures

Rhea-AI Summary

On April 3, 2023, Wolters Kluwer Legal & Regulatory U.S. introduced the Bank Failures Toolkit, designed to assist corporate legal departments in managing the repercussions of bank failures. The toolkit provides essential resources to ensure minimal disruption to businesses, including a Guide to Bank Failures and various checklists for due diligence and transition processes. Recent studies suggest that 186 banks are at risk of failure, emphasizing the need for proactive measures. The toolkit aims to facilitate smooth transitions to FDIC-managed banks, protecting business continuity amidst banking crises.

Positive

• Launch of the Bank Failures Toolkit to help corporate legal departments manage risks associated with bank failures.
• Provision of comprehensive resources, including various checklists, to ensure minimal disruption to business operations.
• Addresses potential risks from recent academic studies indicating multiple banks might be at risk of failure.

Negative

• The need for such a toolkit indicates an existing vulnerability within the banking sector that could impact businesses.

Considering the recent bank collapses, the Bank Failures Toolkit available on VitalLaw® outlines important steps for managing the fallout from a bank failure

NEW YORK, April 3, 2023 /PRNewswire/ -- Wolters Kluwer Legal & Regulatory U.S. today announced a significant new resource for corporate legal departments, which provides a comprehensive array of tools and strategies to deploy if the bank used by one's business should fail. Available on VitalLaw® and VitalLaw® for Corporate Counsel, the Bank Failures Toolkit is designed to help ensure minimal disruption to a company's business from the failure of a bank.

Bank failures can have a serious impact on both the domestic and international business communities. While a bank failure by itself may not put a business at risk, such a failure complicates business continuity and operations. The best protection against the consequences of a failed bank is prevention. This toolkit offers proactive steps that will both minimize and mitigate the risk that a company faces should its bank collapse. 

"In light of a recent academic study that indicated there are 186 other banks that could be at risk if uninsured deposit withdrawals cause even small bank runs, it is essential that corporate and outside legal counsel have measures in place to ensure that the transition of accounts from a failed bank to an FDIC-managed successor bank goes as smoothly as possible and to ensure the least amount of disruption to their own client's business operations," said John Pachkowski, Senior Legal Analyst at Wolters Kluwer Legal & Regulatory U.S.

Wolters Kluwer's Bank Failures Toolkit covers the following areas for transitioning accounts from a failed bank:

• Guide to Bank Failures
• Due Diligence Checklist
• Risk Exposure Checklist
• Transition Checklist
• Communications Checklist
• Litigation and Investigations Tracker

VitalLaw® is Wolters Kluwer's intuitive research platform that provides corporate counsel and legal professionals with comprehensive support and world-class analysis in key practice areas. With more than 25,000 pieces of useful content and data visualization tools, VitalLaw® provides customers with faster answers and deeper insights. As the legal space continues to develop daily, the solution also gives customers access to consistent and current updates for laws and regulations.

To learn more about Wolters Kluwer's Bank Failures Toolkit, visit: Bank Failures Toolkit on VitalLaw® for Corporate Counsel

About Wolters Kluwer

Wolters Kluwer (EURONEXT: WKL) is a global leader in information, software, and services for professionals in healthcare, tax and accounting, financial and corporate compliance, legal and regulatory, and corporate performance and ESG. We help our customers make critical decisions every day by providing expert solutions that combine deep domain knowledge with specialized technology and services.

Wolters Kluwer reported 2022 annual revenues of €5.5 billion. The group serves customers in over 180 countries, maintains operations in over 40 countries, and employs approximately 20,000 people worldwide. The company is headquartered in Alphen aan den Rijn, the Netherlands.

For more information, visit www.wolterskluwer.com, follow us on LinkedIn, Twitter, Facebook, and YouTube.

MEDIA CONTACT:
Linda Gharib
Director, Brand & Communications
Wolters Kluwer Legal & Regulatory U.S.
Tel: +1 (646) 887-7962
Email: lrusmedia@wolterskluwer.com 

View original content to download multimedia:https://www.prnewswire.com/news-releases/wolters-kluwer-launches-toolkit-to-support-corporate-counsel-navigate-bank-failures-301788431.html

SOURCE Wolters Kluwer Legal & Regulatory U.S.

FAQ

What is the Bank Failures Toolkit by Wolters Kluwer?

The Bank Failures Toolkit is a set of resources launched by Wolters Kluwer to help corporate legal departments manage the fallout from bank failures.

When was the Bank Failures Toolkit launched?

The Bank Failures Toolkit was launched on April 3, 2023.

How can businesses benefit from the Bank Failures Toolkit?

Businesses can use the toolkit to find proactive steps and resources to ensure minimal disruption in case their bank fails.

What are the main components of the Bank Failures Toolkit?

The toolkit includes guides and checklists for due diligence, risk exposure, transition, and communication during a bank failure.

Why is the Bank Failures Toolkit important?

It addresses risks highlighted by studies indicating that many banks are potentially at risk, ensuring that legal counsel can facilitate smooth transitions in adverse situations.