Bank Independent | CECL Looming Ahead

Download Case Study

The Challenge: CECL Looming Ahead

Before pursuing a new solution, Bank Independent was using an Excel-based model to calculate its monthly allowance for loan and lease losses. While this solved for what they needed at the time, the system was inefficient, and it took a full week to calculate and check the allowance. 

As so many other institutions using this method experience, Bank Independent faced a time-consuming and cumbersome calculation process, the possibility for user error and data security breaches, as well as the impending data requirements of the CECL model for the calculation coming down the pipeline.

We are a very customer-service oriented bank, and the culture at Abrigo felt similar. The service time has always been great.
J. Raleigh Green II, Bank Independent

The Solution:

Bank Independent purchased Sageworks ALLL in January 2017, and, with the help of the Abrigo integration team, were live just two months later despite having moved to a new core system a few months before. J. Raleigh Green II, Asset Quality Officer in the Credit Administration department at the bank, comments, “We are a very customer-service oriented bank, and the culture at Abrigo felt similar. The service time has always been great.”

“We were looking for a strategic partnership more than an everyday vendor relationship,” Green notes. Discussions during the integration process, he says, allowed Bank Independent to stay on the cutting edge of CECL preparation as well as understand system capabilities and contribute to enhancements moving forward.

The Result: Huge Time Savings

Since their implementation, Bank Independent has seen significant benefits in the form of efficiency. The new system has reduced calculation time from one week to about two days, allowing those responsible to reallocate time to other aspects of the job function. They are saving time and effort not only on their calculation, but in the audit documentation process as well. “Many of the documents are automated and easy to quickly access with Abrigo,” Green explains.

“There’s been significant time savings around that.” The bank estimates a savings of at least one week of time previously spent gathering and making these documents presentable for examinations.

Many of the documents are automated and easy to quickly access with Sageworks ALLL. There’s been significant time savings around that.
J. Raleigh Green II, Bank Independent
Transition to the CECL Standard with Confidence
Find Out More Download Case Study

Looking for Banker’s Toolbox? You are in the Right Place!

Banker’s Toolbox is now Abrigo, giving you a single source for all your enterprise risk management needs. Use the login button here, or the link in the top navigation, to log in to Banker’s Toolbox Community Online.

Make yourself at home!