GE Financial Services
November 2005 - March 2006
Situation: A series of failures of several large publicly traded corporations (Including Enron and WorldCom) resulted in new Accounting Standards known at the Sarbanes Oxley Act. Virtually all publicly traded companies on the NY Stock Exchange needed to be "Sox Compliant."
GE Financial Services needed to be Sox Compliant.
A program called "ACBS" (which was Sox Compliant) was purchased as a replacement to "Able" which was not Sox Compliant Approximately 1/2 of the loan amortization schedules did not successfully make the transition into ACBS.
Over 3,000 Loan Amortization Schedules needed to be produced from original loan documents (300-500 Pages each)
Other Factor: The Loans were Business Loans (over 10 Million each) and were individually negotiated. Most were collateralized by Real Estate, some were collateralized by inventory, some had Excess Profits clauses. Most were amended at least once a year.I was part of a "Clean-up" team that reviewed the loan agreements and created the new schedules.
Because of the complexity of the agreements, we could only produce 8-10 schedules a day each.
Feel free to contact me at Natalie@FunctionsToGo.com Or at 631-544-5120