Corporate borrowers rarely have a true system in place to monitor the non-financial covenants or fine print built into their credit agreements. At best, they had their attorneys draft a summary for them at loan closing. The finance executive in charge at loan closing might have also created an Excel template for tracking financial covenants. But those files are static documents that rarely get updated with amendments or accounting changes. And those static documents lack the automated reminder and messaging system that is critical for ensuring deadlines are not missed. 

Most other departments in an organization, including sales, marketing and accounting departments are using SaaS tools and automation to cut down on manual tasks. It’s time the finance team started using tools like Cerebro’s Compliance Navigator & Portfolio Navigator tools to bring their loan compliance processes up to date.