MST is Still the One
Here’s why MST is still the right partner for you under CECL.
- It’s what we do and it’s who we are. MST pioneered the allowance automation process.
- We continue to innovate and evolve. In the webinar Camp states, “It is important that any vendor you have continues to push the boundaries; that they don’t just sit back with what they brought to the market originally, but that they continue to evolve and bring best-in-class solutions to their clients.” MST continues to do this through our Shadow Loss Analysis, Virtual Economist and Advanced Q Factor Matrix tools.
- We have assembled a team that no other rivals. At MST, we have made significant investments to bring in some of the best subject matter experts that the industry has to offer. These experts are thought leaders who create solid content to help you better prepare for CECL. These subject matter experts are proven and trusted CECL advisors and educators.
- You don’t start from square one. This is because we already have your data and current methodology captured in the Loan Loss Analyzer. There has been speculation in the market that CECL is an entirely new game and that is the truth. Camp states in the webinar, “It is a significant shift, but the fact that we already have your data, the fact that we already have your methodology captured in the LLA, and the fact that you don’t have to start from square one – you can’t minimize that importance.” This is also important because guidance states that you can leverage what you are currently doing today and suggests that you probably should.
- The LLA is tailored to YOUR methodology. MST never has and never will be a “one-size-fits-all” solution. The LLA is tailored specifically to your institution’s methodology. During a session at the 2017 MST National ALLL Conference, Grant Thornton’s Rahul Gupta, partner and co-author of the CECL standard as a member of the FASB CECL development group, and Graham Dyer, partner and member of the FASB CECL Transition Resource Group, told attendees “Don’t buy prepackaged software for CECL; there is no off-the-shelf solution that will work. A solution that allows the financial institution to define its methodology is better. Lenders must use their institutional knowledge to create a model that works within their portfolio.” MST strives to provide a solution such as this through the Loan Loss Analyzer.
Learn more about how MST can help you prepare for CECL through its Advisory Services division and through our recent client webinar, Exploring Enhancements of the LLA.
To receive the recording of this webinar, please contact Director of Marketing Brandy Aycock ([email protected]).