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Don't Risk Regulatory Scrutiny or Incomplete Data
START YOUR CECL PREPARATIONS NOW

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Regulators, auditors and industry professionals are all urging financial institutions (FIs) to begin now to prepare for the new current expected credit loss (CECL) standards, even though the effective date is over two years away. If you haven’t already, make 2017 the year your financial institution (FI) begins the planning and vendor selection process for your CECL modeling.

Your CECL preparation begins here, learn more about the steps you need to take now.

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Don't Forget Annual Validation

Going forward, FIs should conduct annual model validations to recalibrate their model and ensure ongoing accuracy in predicting potential credit losses. In addition to model recalibrations, models should also be independently verified by an outside party.

Having unbiased parties conduct these annual validations and check outputs helps ensure accuracy. And by adhering to this process, you will enhance the credibility of your institution’s model when it is reviewed by examiners.

Your CECL Resources

ProfitStars® CECL DataStore and Validation℠ and ProfitStars® CECL Analysis and Reporting℠ are new hosted database tools that help FIs of any size comply with CECL. You gain:

  • 24/7 access on a secure, cloud-based platform – with none of the headaches, effort, and cost of building a proprietary system.
  • Significant time savings, with no manual pulling and sorting of data fields.
  • Peace of mind knowing you are collecting the correct data fields for compliance.

Online Resources

You're on the way to CECL success!

Have questions in the meantime? Contact a ProfitStars® CECL expert today at 877-827-7101 or sales@profitstars.com.