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Discover AI

Discover: AI powered covenant

What is Discover?

Complexity and cost can pose challenges when scaling traditional covenant assessments for sectionalised schemes or portfolios of schemes, or smaller schemes. To address this, we have developed Discover – the AI powered solution for efficient covenant analysis – streamlining governance, enhancing transparency, and ultimately improving member outcomes.

Discover is based on our extensive covenant experience, collected in our ratings database, and captured using cutting edge technology.

Discover allows covenant risk to be managed in real-time across diverse employers by automatically monitoring news and peers to track covenant developments as they emerge, and notifying you when your attention is needed (saving your inbox from clogging up).

Discover can also:

provide an employer covenant rating complete with rating drivers
explore what-if scenarios with respect to both shifts in scheme funding and corporate activities
benchmark covenant metrics across the Cardano universe of ratings and much more.

Discover’s full set of features is best accessed through our easy to use online portal:

Quickly get an overview for your entire portfolio…

or drill down into a specific section/scheme…

Integrated with Knowa

You can also easily access Discover’s covenant tracking and newsflow monitoring features directly through Knowa, the trustee governance portal. This close integration helps put crucial covenant information right at your fingertips, surfacing insights into your covenant directly through the Knowa Q AI.

Find out more about the Discover on Knowa here.

Why use Discover?

Discover has been designed for situations where proportionate and efficient covenant analysis is required. Find out more below.

Discover brings governance efficiency and ESoG compliance, lightens the administrative load, and drives transparency (including optional access for employers), all while providing leading covenant advice to help protect members’ benefits. With its covenant tracker, Discover takes care of monitoring your covenant, and informs you of developments that require your attention. This makes Discover ideal for sectionalised or scheme portfolios, including industry schemes, master trusts, or local government pension schemes.
For individual schemes where high-level covenant input may be more appropriate (e.g. assets less than £50m), Discover can give crucial comfort to trustees that their employer covenant views have been externally validated. It also provides (and helps evidence) effective covenant governance ideal for schemes needing to ensure they operate an Effective System of Governance (ESoG). Supplemented by our team’s capabilities, Discover can also act as efficient monitoring and rating foundation for larger or more complex schemes

Discover awards wins

Pensions Age Awards – Innovation Award

Making covenant assessments more accessible using machine learning
Pensions Expert Innovation Awards – Advisor Innovation

Automating covenant news flow monitoring using generative AI

What our clients say:

Cardano has been supporting the Trustee of the Citrus Pension Plan using its Discover AI since 2023. As a DB master trust with over 30 Sections ranging significantly in size, the covenant profile of the sponsors to these sections varies considerably. Using Discover’s online portal, we are able to monitor and rate these covenants in real-time and with reduced admin burden. Ultimately, Discover provides the Trustee with comfort that our covenant governance is transparent and robust, at a price point that is proportionate to our needs – helping us to deliver effective outcomes for our members.
Sarah Leslie, Professional Trustee of the Citrus Pension Plan

We used Cardano’s Discover service to rate the covenant of a small c.£10m Scheme, as it provided appropriate guidance, proportionate to the size, scale, nature and complexity of the activities of the Scheme, at an acceptable cost.
Professional Trustee

By law Trustees are required to operate an Effective System of Governance (ESoG), proportionate to the size, scale, nature and complexity of the activities of the scheme, and which the assessment of the employer covenant is a critical part of.
Professional Trustee