One of the key requirements of any Borrowing transactions is comprehensive Financial Covenant monitoring and compliance. Generally such Covenant compliances part of the contractual terms mutually agreed between parties or can be on account of a Regulatory requirement. However such critical compliances needs to be monitored, complied and reported by Organisations in an efficient and timely manner. Usually such tasks are handled in a non-systematic and manual process driven manner, which leads to human error and lapses.Rigour's Covenant Monitoring System (Covenant Plus) addresses such key requirements of Financial Institutions by automating processes and improve system efficiencies.
Following are the key features
Rigour Covenant Plus typical workflow is demonstrated below
A typical Covenant monitoring exercises starts with underlying Term Sheet of the Financial Transaction.
Automate the entire journey to a paperless/excel-free documentation which is reduce the effort and error rates. Rigour provides an unique visual experience to digitise your Transaction documents in a way addressing multiple pain points of any growring Financial institution.
Above illustration is a screenshot of effortless journey in Rigour Covenant Plus
Rigour Covenant Plus is tuned to conventional industry practices with regards Termsheet templates followed and provides a comprehensive list of Financial Ratio dictionary.
Based on Facility start date and Testing Cycle, Application will automatically compute the Scheduled dates on which the Covenants needs to be tested
Capture records of when the Testing was done, Person who has done it and supporting documents.
Send internal alerts to teams, send Automatic Notifications to Clients for Covenant Compliance Obligations & more
Download data that will facilitate in Filling Internal or External Compliance Reports. All data will be hosted on cloud 24x7
Our custom ML models work machine readable Termsheet PDF documents. Covenant Plus provides 3 options
Most termsheet documents are not standardised and not system generated, resulting in variability in formatting and documentation nightmare.Using ML and rule based algorithms, Rigour helps in indexing the complex documents for easy referencing in future.