Our prep kit was written by experts who have done this for hundreds of institutions already, and is filled with best practices and key milestones to keep you on track and compliant.
Things you need to think about to stay in compliance with beneficial ownership
Regulatory changes require a significant amount of preparation, so we thought you could use a guide to Beneficial Ownership.
On May 11, 2018 there will be two types of BSA officers: the prepared and the soon to be unemployed. Yes, it may sound a little dramatic, but the reality is stark and unwavering. FinCen has stated in no uncertain terms, the expectation is full compliance as of May 11, 2018 and many have speculated the enforcement of non-compliance will be harsh, especially early on. So, although the first sentence above is a bit theatrical it is closer to reality than not.
In an effort to avoid such dramatic circumstances we have put together a short list of items you should begin tackling now. It is not a comprehensive list by any means; the thought behind it is to give you a jump-start, something to get you thinking. We have broken it down into some critical items and (just for the fun of it), some other valuable tasks that you may not have thought through yet.
Vendor due diligence guide for CECL solutions
The Financial Accounting Standards Board’s (FASB) ASU 326 provides the guidance by which the current expected credit losses (CECL) methodology for estimating allowances for credit losses will be applied. The allowance will be reported as a valuation account or the difference between the financial assets’ amortized cost basis and the net amount expected to be collected. If financial institutions are considering software to comply with the regulations, there are key capabilities potential solutions need, and this paper presents some of the questions institutions should use.
Questions span data, contractual life, segmentation options, methodologies, forecasting and adjustments, documentation, product evolution, and service.
In this whitepaper:
- Overview of critical elements and capabilities
- Understanding the functionality necessary for a CECL-ready solution
- Recommendations and tactical due diligence
Transition with Ease
It is important for financial institutions to understand what is required by CECL guidance and to plan what their organization should be doing this year to prepare. This bundle of informational resources will help with the transition.
Resources in this kit include:
- Guidelines for a timely and efficient implementation
- Data evaluation tool to identify needs and gaps
- How to build a meaningful model
- Key findings from your peers
- Refresher on the accounting standard itself
A CECL Transition Plan Built for Success
Your CECL Prep Kit
Our prep kit was written by experts who have done this for hundreds of institutions already, and is filled with best practices and key milestones to keep you on track and compliant.
DOWNLOAD THIS KIT TO LEARN HOW TO:
- Stay on time
- Build a credible and efficient model
- Overcome roadblocks
- Ensure data quality
- Have the tools you need to be successful
We are a very customer-service oriented bank, and the culture at Abrigo felt similar.
The service time has always been great.
Abrigo Allowance/CECL Solutions
Providing flexibility on the path to Current Expected Credit Loss (CECL) compliance.
Tools that grow with you
Our solutions inform profitability analysis and portfolio optimization by providing extensive reporting, helping you confidently transition to CECL, and leverage allowance data for portfolio management.
Gain significant time savings compared to spreadsheet-based calculations, as well as more transparent documentation, a defensible process for auditors and examiners, and a smoother transition to CECL.
Learn MoreThe FASB issued the final CECL standard on June 16, 2016. It is important for institutions to begin preparing now, and gathering data is one of the key first steps. This CECL data prep guide outlines the basics for bank and credit union executives to consider when evaluating the institution’s data.
Download the data prep guide to learn
- The basics of CECL data requirements
- Data characteristics and data points by methodology
- Two handy checklists: Ensuring data adequacy, and evaluating third-party vendors for data archiving
