Field Examinations: Two Decades of Transformation
In 2009, I reflected on the significant changes that had shaped field examinations since I began performing them in the early 1990s. At that time, we were witnessing an industry in transition: the content of exams had expanded, the role of the field examiner had grown more sophisticated, third-party vendors were proliferating, and a wider audience was relying on field examination reports for decision-making.
Now, nearly two decades later, the pace of change has not slowed. If anything, the field-examination profession has undergone an even more profound transformation—driven by technology, globalization, regulatory shifts, and heightened risk awareness in lending.
The Field Examination Today
What was once a primarily manual exercise focused on reconciling invoices and verifying collateral has evolved into a highly data-driven, technology-enabled discipline. Today’s field examination is not only an on-site review of books and records, but also a comprehensive, often hybrid (in-person and remote) analysis that leverages borrower ERP systems, cloud-based financial platforms, and direct data feeds.
The scope has broadened well beyond receivables and inventory. Examiners now routinely evaluate intellectual property, digital assets, subscription revenues, ESG risks, and even cybersecurity vulnerabilities—areas that were virtually unthinkable in 2009.
The use of advanced analytics has also changed the work itself. Data-mining tools, AI-assisted reconciliation, and machine learning models are becoming standard, allowing examiners to process vast amounts of information quickly and uncover anomalies that might have gone undetected a decade ago.
The Field Examiner
The profile of a field examiner has elevated even further. In 2009, the industry was just beginning to require CPAs, MBAs, and strong Excel skills. In 2025, the expectation is not only for accounting and finance expertise but also proficiency in data analytics, SQL, visualization tools, and cybersecurity fundamentals.
Examiners are no longer seen as “the enemy.” Instead, they are recognized as trusted advisors, providing insights that influence credit decisions, covenant negotiations, and even strategic planning for borrowers. Compensation reflects this professionalization, rivaling that of investment banking analysts or audit managers.
The human side of the role has also grown in importance. Communication skills, once an afterthought, are now critical. Examiners are expected to distill complex, data-heavy findings into clear narratives for credit committees, syndication partners, and boards.
The Vendors
The vendor landscape has matured significantly. Where once a handful of firms dominated the market, today we see dozens of specialized providers offering everything from routine collateral exams to niche services like commodity valuation, SaaS revenue testing, and forensic analytics.
Outsourcing has become the rule rather than the exception. Even the largest banks, with robust internal teams, rely on external vendors for scalability and specialization. Competition among vendors has driven higher quality, faster turnaround, and broader geographic coverage—including the ability to handle cross-border exams in Latin America, Europe, and Asia.
Who Uses Field Examinations
Perhaps the most striking development since 2009 is the breadth of institutions that now rely on field exams. What was once the exclusive domain of asset-based lenders has become mainstream across commercial banking, private credit, hedge funds, and even corporate treasury departments.
With the rise of alternative lending and private equity-backed financing, field exams are now a routine part of large syndicated transactions, cross-border deals, and portfolio monitoring. Fortune 500 companies, technology start-ups, and global commodity traders alike are subject to exams.
Exams have also become increasingly forward-looking. While the traditional liquidation value analysis remains central, lenders now expect field examiners to provide trend insights, stress testing, and even predictive assessments of collateral performance.
Looking Ahead
The past 20 years have seen the field examination evolve from a relatively narrow collateral review into a sophisticated, multi-dimensional discipline that is essential to modern secured lending.
As we look ahead, I expect three themes to dominate the next decade:
- Automation and AI will continue to accelerate the speed and depth of analysis.
- Globalization will demand expertise in international trade finance, cross-border collateral, and multi-jurisdictional regulatory compliance.
- Strategic integration will elevate field examiners as key voices in risk management and deal structuring—not just collateral verification.
What began in the mid-20th century as a paper-based exercise to confirm invoices has become a highly technical, respected profession at the intersection of finance, technology, and risk. For those of us who have watched and contributed to its evolution, the last 20 years have been remarkable—and the next 20 promise to be even more so.
