Building a strong, CECL-compliant model won’t happen overnight. Financial institutions that are proactive will be better positioned to work through the inevitable challenges and have a solution in place in advance of the deadline. Take the next step today and schedule your complimentary CECL Readiness Snapshot by filling in the form below.
FASB’s new Current Expected Credit Loss (CECL) model for measuring credit losses on loans and certain other financial assets is the biggest accounting and financial reporting change for financial institutions in over a generation. Many challenges lie ahead for the industry, but we are ready to help you make what seems like an “impossible” task a reality.
Wipfli’s CECL Readiness Snapshot will help you evaluate where your institution stands today and will provide direction on the next steps. Depending on your current state of readiness, we are prepared to assist with the following:
- Walk-throughs of how the various CECL methodologies work, along with evaluation of the advantages and challenges of each methodology
- Discussion of factors to weigh in evaluating whether to develop a methodology internally or invest in a third-party software solution
- Review of the Bank’s loan data to assess how that data might be utilized in various methodologies, as well as discussion of potential “data gaps”
- Discussion of required CECL implementation dates and suggestions for building a project management timeline