Credit Union Central Of Canada And Covarity Sign Five Year National Service Agreement For Risk Management Solution.Business Editors TORONTO--(BUSINESS WIRE)--April 12, 2004 Credit Union Central of Canada Credit Union Central of Canada is the national trade association for credit unions in Canada, outside Quebec. The Toronto-based organization provides federal government relations, media relations, represents the industry in many associations and organizes several conferences each (Canadian Central) and Covarity Inc. announced today that they have finalized See finalization. a five year agreement for credit risk management services. The agreement will provide Canada's credit unions access to Covarity's solution for automating financial statement gathering, credit risk analysis, and financial reporting for small and medium sized (SME (1) (Small and Medium-sized Enterprise) See SMB. (2) (Subject Matter Expert) An individual who is well-versed in the policies and procedures of a particular department or division. ) enterprise credit products. Covarity is a real-time loan monitoring, review and management product designed to assist credit unions in their administration of commercial accounts. Credit unions will now have access to a service that automates and standardizes credit risk management practices associated with portfolio management. "We are very excited about offering this type of leading edge solution," said Jim Hackett, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. , Canadian Central. "This service offers a unique opportunity to differentiate ourselves from our bank competitors, and will be another 'first to the market' for Canada's credit unions. This contributes to the already strong and recognized national practice of community based credit union lending." The Covarity service presents significant financial savings for credit unions by reducing the regulatory and administrative burden associated with loan portfolio management. This is done by retrieving financial information (income statement, balance sheet, accounts receivable accounts receivable n. the amounts of money due or owed to a business or professional by customers or clients. Generally, accounts receivable refers to the total amount due and is considered in calculating the value of a business or the business' problems in paying and payable) directly from the borrower, processing the information and issuing reports on borrowing base and other financial ratio covenants. Also, relationships with SME borrowers are enhanced because Covarity's service allows both the lender and the borrower to gain a common understanding of the borrower's financial trends and covenants. "A national program makes it easier for credit unions, large and small, to reduce the administrative burden of managing commercial lending portfolios," said Ron Shuttleworth, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Covarity. "This will help credit unions across the country to continue to consistently offer the industry leading credit services to SME members anywhere in the country." About Credit Union Central of Canada With over $70.5 billion in assets, 607 affiliated credit unions and caisses populaires, and 4.6 million members, Canada's credit union system is a vital competitor in the financial services The examples and perspective in this article or section may not represent a worldwide view of the subject. Please [ improve this article] or discuss the issue on the talk page. industry. Credit Union Central of Canada ("Canadian Central") functions as the system's national trade association and central finance facility. The credit union system is a three-tier structure of local, provincial and national organizations. Local credit unions operate autonomously and are the primary shareholder members of provincial Centrals, which are in turn the primary shareholder members of Canadian Central. For more information about Canada's credit unions, see www.cucentral.ca. About Covarity Inc. Covarity helps financial institutions reduce credit risk and automate commercial credit administration through web-based Business Process Management (BPM (Business Process Management) A structured approach that models an enterprise's human and machine tasks and the interactions between them as processes. BPM software provides users with a dashboard interface that offers a high-level view of the operation that typically ) solutions. Founded in December 2001, Covarity is based in Kitchener, Ontario Coordinates: The City of Kitchener (IPA [ˈkɪ.tʃə.nɝ]) is a city in southwestern Ontario, Canada. , Canada. More information is available at www.covarity.com. |
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