What features would be new to me if I switch from CREST to Sageworks?
With Sageworks, you’ll be able to stress test C&I loans in addition to CRE loans, and you’ll be able to leverage collateral values thanks to a core system integration. Data from credit spreads within Sageworks would also be accessible for stress tests, reducing data entry for you.
Are there any features that won’t be in Sageworks that I had in CREST?
Given the benefits with data management, Abrigo will no longer support stress tests based on alert-files only. To upgrade to the new technology, your institution will need a core system integration with Abrigo.
My CREST contract currently extends until 2020. Will you still support it?
Yes, we will continue to make the CREST technology available. However, we recommend you consider switching to Sageworks for its expanded capabilities, web-based support, and reduced data entry. CREST will be sunset December 2020.
If you choose to migrate to Sageworks before the end of your contract, we can give you credit for your remaining term.
If your current contract extends beyond 2020, we will work with you to find the best resolution.
What must my institution do to transition to Sageworks Stress Testing?
It’s recommended that your institution connect Abrigo to your core system. This integration can take as little as 42 business days but gives you up to date information, collateral data, and reduced data entry as part of your stress testing program. The technology is core agnostic, and we’ve successfully integrated more than 1,200 financial institution cores.
What if my institution doesn’t want to change?
CREST will be sunset December 2020, and we’ll continue to help you see value through the end of your contract or 2020. We may also be able to provide Advisory Services to replace your software subscription, and we'd be happy to discuss an arrangement that works for you.