Ernst & Young – Financial services organizations are preparing for an enormous and transformational migration from the London Interbank Offered Rate (LIBOR) and other interbank offered rates (IBORs) to new alternative reference rates (ARRs). Given the pervasiveness and volume of LIBOR exposures, boards of directors should play an active role in shaping their firms’ transition programs. Our report includes detailed guidance on seven critical areas that boards should take into account as they assess their firms’ readiness for the transition.