Creating Covenants - Defining Items

Covenants in Balenz Compliance Monitoring are associated with an item, such as a financial statement or an inventory schedule. As seen on this screen, when the user creates a new item, they define the following type of elements:

• Item – The type of item to be received from a counterparty.
• Audit Method – The method of how the document was prepared.
• Frequency – The frequency of how often the item is to be received.
• Anchor – The base date for setting the schedule for receiving the item.
• Due – The number of days before or after the anchor date that the item is due.
• Overdue – The number of days after the Due date when an item is considered to be past due.
• From/To Date – The time period over which this Item is being monitored.
• Tickler-Current Due – The number of days before the Overdue date to send a Tickler message to internal and/or external persons to remind them that a Due date is approaching.
• Tickler-Reminder 1 & 2 – The number of days after the Overdue date to send Tickler messages to internal and/or external persons to remind them that an item has not yet been received.
• Comments – A free-form text field to add any comments to further describe the item.