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Oct 30, 2019

SS&C Primatics leads CECL discussion at AICPA

The American Institute of Certified Public Accountants (AICPA) held its National Conference on Banks & Savings Institutions in National Harbor, Md. last month. Once again, SS&C Primatics had the honor of being a gold sponsor and participating in the speaker series on the Current Expected Credit Loss (CECL) model under ASC 326, Financial Instruments - Credit Losses as subject matter experts.

Nov 19, 2018

Do virtual economists get virtual model validators?

In the novel on which the classic film Bladerunner is based, the prolific science fiction author Philip K. Dick asks whether androids dream of electric sheep. Perhaps in a science fiction universe, virtual economists could have their work validated by virtual model validators, have model risk managed by virtual CROs and have governance managed by a virtual board.  But here in this universe, under the current regulatory and legal framework, real live model validators must be used to validate models, real live CROs must be used to manage model risk, and real live boards must be used to provide governance.

Sep 6, 2017

Defining a successful CECL implementation at the AICPA Banking Conference

Financial industry professionals will gather September 11-13 in National Harbor, Maryland, at the AICPA conference to learn about the latest developments in the banking industry. Once again, FASB’s new credit loss accounting standard ASC 326-20, more commonly referred to as “CECL” (Current Expected Credit Loss) will take center stage. With respect to the transition to CECL, it is imperative that institutions understand the distinction between CECL compliance and CECL ...

Jul 20, 2017

Three significant technology gaps faced by financial institutions

Today, financial institutions face three fundamental technology gaps when accounting for and managing loan portfolios: First, there is a divide between loan servicing systems and the general ledger. This gap has widened in recent years as the 2008-09 financial crisis left banks with many non-performing and modified loans on their balance sheets and a slew of new regulatory requirements. Second, there is a gap between those who develop loan risk models and those who ...

May 15, 2017

A successful CECL implementation begins with a holistic approach

By Lauren Smith The Current Expected Credit Loss accounting standard (CECL) replaces the incurred loss model with a lifetime expected credit loss estimate, which will result in significant changes to financial institutions’ reserving process. Many industry experts consider CECL to be the biggest change to bank accounting ever. Is your institution prepared for the change, or do your current systems and processes fall short? A successful transition will include a holistic approach, but how ...

Feb 27, 2017

A framework for implementing an enterprise data governance strategy in a SaaS based technology landscape

Business requirements are constantly evolving and banks and financial institutions are taking advantage of technology to streamline their data governance processes. A good data governance framework integrates both old and new solutions in order to meet increasingly growing and changing business needs.

Jan 31, 2017

8 tips for the CECL transition

By Lauren Smith, CPA https://ssctechblog.files.wordpress.com/2017/01/istock_000056891012_xxxlarge.jpg?w=1462 Industry experts are calling CECL one of the most significant changes for financial institutions. Some have even gone so far as to hail CECL the “biggest change – ever – to bank accounting.” Nonetheless, the Financial Accounting Standards Board (FASB) and banking regulators assert that institutions will be able to leverage current risk management and reserving practices as a basis ...

Nov 3, 2016

The CECL Conundrum for Lenders: Which Loss Forecasting Methodology to Use?

By Regan Camp, Principal Consultant, SS&C Primatics The Financial Accounting Standards Board (FASB) issued the final Current Expected Credit Loss standard, or (“CECL”) on June 16, 2016. Many lending institutions are likely to experience a “shock to the system” because of significant changes to the end-to-end reserving process for financial instruments measured at amortized cost. Unlike the incurred loss model, which is based primarily on historical loss information, CECL requires lenders ...

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