Corvus Service Offerings

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Corvus Financial can assist in all aspects of loan and security accounting, including, but not limited to:  

Impairment Accounting (ASC 326 "CECL"):  Corvus Financial has worked extensively with a top 5 bank leading the planning and execution of CECL across all asset classes, including commercial, auto, credit card, mortgage and securities portfolios.  We can assist with requirements development, model validation and alignment, internal controls, data organization and operational implementation.

Accounting for Receivables (ASC 310):  Corvus Financial has led numerous FAS91 projects including remediation of FAS 91 processes and models in connection to a financial restatement and conversion of loans and securities to new systems.  Additionally we have extensive experience with all facets of acquired loan accounting and identification and remediation of troubled debt resturctuiring accounting.

Accounting for Securities (ASC 320): Corvus Financial can assist with efforts to properly classify, measure and disclose financial instruments, including FVO and reclassification of investments between categories.

Additionally, Coruvs Financial  has extensive experience assisting clients with all  the complexities of implementating new accounting standards, integrating newly acquired portfolios being accounted for on varying accounting platforms or consolidating portfolios that are currently accounting for across multiple and sometimes divergent accounting systems.

Corvus Financial has extensive experience helping clients understand and document their approach to Financial Accounting Standards Board (FASB) pronouncements. We help banks identify and work through the key issues they face with new pronouncements or changes to existing standards. We also understand how the accounting operations teams often struggle interpreting accounting policies and ultimately turning those policies into journal entries and financial statements. This helps us write accounting policies that are effective and easily interpreted by the users of those documents.

Maintaining quality accounting procedures is not something most of our clients enjoy or focus on. Corvus Financial can assist with this process and create desktop procedures that help client staff do their jobs effectively. This can be particularly important if there is turnover in your accounting area. The documentation process also helps us identify areas of weakness in automation, process or controls that we can bring to clients’ attention as well.

   


Corvus Financial has supported production accounting operations for several of our large clients. This includes journal entry preparation, disclosure preparation and analytics support for the monthly close process. We have led and participated in monthly close meetings for clients. Our staff can step in and get up to speed quickly to help fill gaps or skill deficiencies in your back office. 

Many clients are fairly effective at booking and preparing financial statements. However, they tend to focus most of their time on the production process and therefore they leave little time to truly understand business results. Corvus employs analytics and analytical tools such as Tableau to help clients ensure that their results are accurate but also easily explained to management and investors.

The banking industry has changed dramatically over the last two decades. The financial crisis and concerns around consumer protection and privacy have become forefront for the industry. Corvus Financial has experience helping clients with complex compliance issues including the preparation of compliance documentation including bank call reports and other documentation.

Corvus has created robust risk assessment and internal control tools to assist clients understanding of not only the operational risks they face, but also the intersection of risks and mitigating controls.  The results has been the identification of extraneous internal controls (those that are ineffective at addressing true operational risk) and unmitigated risks (those that do not have adequate controls).  A robust risk and control framework can greatly improve operational efficiency and provide assurance that processes are in place to effectively identify and reduce key risks to an acceptable level.

Corvus is committed to removing frustrations and inefficiencies experienced by client staff and management related to day-to-day operations.  We work with our clients to understand and document the current state, identify pain points and assist in the creation and documentation of new processes.  Corvus works with clients to find the solution that best fits the client, rather than coming in with pre-conceived solutions.  Some examples of how we have improved business processes for clients:

Identification and removal of end user computing tools (Excel, Access) that were relied upon to generate journal entries and analysis to support the monthly close process

1. Identification and removal of end-user computing tools (Excel, Access) that were being used to generate journal entries and analysis in support of the monthly close process
2. Redesign of key business processes and use of automation to streamline and shorten the monthly close process
3. Creation of reporting and analytical tools to help clients truly understand and articulate results, not just compile and report them

Corvus Financial brings a combination of cash flow modeling and accounting operations experience. We understand the importance of models and how model results can impact financial results. We have the ability to validate models including both model logic and output. We have back-tested models and helped client set up model validation and documentation processes.

Corvus Financial has worked with all types of products in the banking industry including residential and commercial mortgage, credit cards, retail/consumer products and other investment portfolios. We can help your bank deploy and maintain a credit risk management system for all of these products.

We also have experience with forecasting including stress testing having helped build DFAST and CCAR systems and processes for clients. 

Corvus Financial professionals have not only worked with large financial organziations to improve the efficiency and performance of the FP&A function, but also have led FP&A function.  We understand the importance of the FP&A function.  It isn't just about compiling forecasts provided by business units, but rather a critical decision making tool for senior management.   

Speed to market and getting useful software in the hands of users is critical in today’s fast paced, competitive financial services industry. Corvus Financial has used agile methodologies to deploy numerous software projects for banking clients. While some argue that the agile methodology may not always be the perfect fit for large, complex back office projects, we believe the agile principles of focusing on the customer and getting viable products into their hands quickly is the key. We also believe the constant and regular feedback mechanism (developer/tester to customer) is critically important.