2016 Risk Management Summit wrap-up
Sageworks hosted the 5th Annual Risk Management Summit September 14-16 at the AT&T Executive Education and Conference Center in Austin, Texas. The Summit was the largest Sageworks event to date and featured presentations from industry leaders, interactive roundtable discussions, panels and networking opportunities. Key to the discussion this year were strategies for transitioning to the new current expected credit loss (CECL) model issued by the Financial Accounting Standards Board (FASB) on June 16.
“From bankers at banks and credit unions alike, we have heard that maintaining a defensible and compliant ALLL can be a challenge, and the CECL model will only make it more complicated,” said Sageworks CEO Scott Ogle. “Since the FASB standard was only recently released, we were excited about the timing of the Summit and how it was a strategic opportunity for attendees to learn about CECL from the experts.”
Summit attendees had the opportunity to experience several new features at this years’ conference including the ALLL User preconference, the Tax Return Challenge and Industry-Specific roundtables. The ALLL User preconference facilitated networking, best-practice sharing and solution training for 73 Summit attendees. The preconference was an opportunity for current Sageworks’ clients to engage with one another, but also for prospective clients to interact with current users.
The Tax Return Challenge was an interactive demonstration station where Summit attendees could learn about and use Sageworks’ patented Electronic Tax Return Reader (ETRR) to upload tax return data with the click of a button. Visitors to the station were challenged to enter tax return data manually and then use the ETRR to contrast the manual entry process with the efficiency of using the technology.
On Thursday, Sept. 15, Summit attendees participated in industry-specific roundtable discussions. Similar to previous roundtable discussions, attendees were able to discuss the day’s sessions, common challenges or best practices in a small environment; however, this discussion was framed around specific loan concentration categories, including Commercial Real Estate (CRE), Commercial and Industrial (C&I), Agriculture (AG), Oil & Gas, and Member Business Lending (MBL).
For a complete list of lessons learned about CECL and loan portfolio risk management, visit 2016 Summit Takeaways.