The Challenge: Spreadsheets Not Enough for CECL
In 2015, Pawtucket Credit Union had begun discussing automating its allowance calculation. At the time, Pawtucket calculated its allowance for loan and lease losses (ALLL) with Excel spreadsheets, which was timeconsuming and cumbersome. The process worked, but on top of the extensive time it took internally, it also gave auditors grief, too, said Valerie Pimenta, SVP and CFO at Pawtucket Credit Union. Pimenta received an email from Pawtucket’s external auditor about an Abrigo CECL event in Boston, accelerating their interest in investing in an ALLL solution.