Active Covenant Monitoring support to the Credit Risk team of a Global Bank
Client: Global Bank
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Objective
Provide comprehensive covenant monitoring support to the credit risk team of a global bank to eliminate backlog, correct inaccuracies, and produce a documentary trail for regulatory and internal audits that was entirely absent.
CRISIL's Solution
Set up a dedicated team experienced in covenant terminology and monitoring
Studied the bank’s existing processes and set up checklists and process manuals to ensure consistency in tracking quantitative and qualitative covenants for all facilities
Assumed full ownership of sourcing the relevant documents to free up credit officer bandwidth
Backed up periodic system updates with covenant analysis documents for documentary evidence
Quickly identified gaps in existing processes and system glitches; recommended enhancements to client’s internal system
Accelerated closure of covenant updates in the system to clear existing backlog
Developed dynamic dashboards for credit officers and senior management to perform quarterly portfolio reviews
Client Impact
Accelerated closure of monitoring backlogs, achieving regulatory compliance
In-depth analysis of covenants, enhanced with covenant headroom analysis document
100% compliance with regulatory requirements, including documentary evidence
Strong quality framework for data accuracy and analytics backed by reference guides
Robust monitoring process set up within the bank’s existing credit risk framework
Periodic status reports and dynamic dashboards for senior management’s quick reference
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