West Monroe Partners Establishes Troubled Asset Relief Program Team
CHICAGO, Illinois - October 23, 2008 - West Monroe Partners, a full-service business and technology consultancy, announced today that it has established a team to address the financial crisis and assist financial institutions in understanding and responding to the Troubled Asset Relief Program (TARP). With passage of the Emergency Economic Stabilization Act of 2008, the federal government will begin implementing the TARP to revive the nation’s credit markets and help financial institutions restore order to their balance sheets by purchasing distressed assets.
“Financial institutions that intend to sell distressed assets will need to consider how the legislation may affect their organizations; take steps to comply with documentation, data, and collateral requirements set forth by the federal government; and allocate resources necessary for this process,” said Cary Serif, managing director of West Monroe Partners’ Financial Services practice. “More significantly, they will need to take these actions in a very short time frame. West Monroe Partners’ knowledge of documentation best practices, combined with deep operational experience in the financial services industry, complements internal resources—enabling institutions to respond in a timely manner.”
West Monroe Partners is helping Financial Institutions prepare for participation in the TARP by working with them to:
- Determine whether their loans will meet the federal government’s requirements related to the sale of distressed assets
- Assess current documentation and data capture processes for retail and commercial loans
- Review processes for the securing, tracking, and releasing of collateral
- Identify gaps or risks in their documentation, data, and collateral management processes
- Coordinate and provide oversight for their documentation, data, and collateral review processes
West Monroe Partners’ TARP response team is part of an experienced Financial Services practice that helps mid-market institutions develop, manage, and implement growth oriented strategies. Its clients include retail banks, private banks, commercial banks, credit unions, private lenders, consumer finance organizations, mortgage banks, credit card issuers, international banking and trade finance organizations, investment banks, hedge funds, prime brokerages, and trading and analytics firms.