Modern technology solutions and finance transformation are intertwined when building a flexible finance organization. If an organization limits itself to only modernizing current capabilities, it will fall short of driving the effectiveness and efficiency required to compete in a demanding market.
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The only constant is change, and those that are prepared for it are the ones that will be successful. In finance, that change may take the form of regulatory, accounting, technology or security requirements. As part of our ongoing effort to help our clients evolve to meet these inevitable changes, our product strategy has been centered around investing in the enhancements that will ensure our clients stay a step ahead.
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With 2023 fast approaching and only six quarters remaining until the much-awaited CECL adoption date, smaller SEC filers and non-public banks are finding the standard’s conceptual nature a scary prospect. And given the unprecedented conditions banks are facing, it is crucial to define an allowance process that stands up to scrutiny and allows management to gain comfort over the allowance estimate.
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As 2023 filers look towards CECL adoption, two questions that continue to come up are
- “What type of qualitative adjustments will be required?”
- “What type of support will be needed to justify these adjustments?”
Generally, these questions arise from filers’ previous experience with ASC 450 where many banks and other financial institutions relied heavily on qualitative adjustments as a key component of their reserve numbers. Filers must also consider the added complexity of CECL and the greater audit and regulatory scrutiny that qualitative adjustments have historically received. In this blog we will explore these two questions.
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Many have noted the legal world’s relative lag in digitization compared to other professional services industries. In fact, in its 2019 “Introduction to LawTech,” the UK’s Law Society said, “while there has been a significant rise in the number of LawTech providers since 2016, the legal sector has been slow in adopting new technology.”
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Today’s businesses increasingly rely on intelligent automation. Many companies are achieving their goals by turning to emerging technologies like artificial intelligence (AI) and machine learning (ML) for help.
While both have received a lot of attention in the past, recent advances in processing technology are helping businesses show their work to customers in new and exciting ways.
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At the onset of Solvency II, only a selected group of insurance and reinsurance undertakings—very unevenly distributed across European regions—went for an internal model approach. Five years have passed, during which the risk management culture has matured, with complex ERM systems being adopted by an increasing number of companies.
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The energy sector is as complex as the different forms of energy required to power our modern lives. According to the U.S. Energy Information Administration (EIA), “The May Short-Term Energy Outlook (STEO) remains subject to heightened levels of uncertainty because responses to COVID-19 continue to evolve. Economic activity has increased significantly after reaching multi-year lows in the second quarter of 2020. The increase in economic activity and easing of COVID-19-related restrictions have contributed to rising energy use.”
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