Webinar: Successfully Transition to the New CECL Standard: Insights and Lessons Learned from U.S. Federal Credit Agencies
Most U.S. financial institutions must be prepared to implement FASB’s new current expected credit loss model (CECL) by the end of 2019. As institutions plan their transition from incurred loss to CECL, they are assessing their existing data and modeling assets, consulting with their auditors and regulators, and reflecting on lessons learned from implementing CCAR and DFAST stress tests. Even for those with strong data and modeling foundations, the path forward for CECL can look uncertain as the new standard offers little guidance on implementation.
What most institutions don’t know is that an analogous model for CECL implementation exists in the U.S. government. U.S. federal credit agencies – who collectively manage trillions of dollars in credit exposure across diverse asset classes – have followed a CECL equivalent modeling, financial reporting, and auditing framework for 25 years. In this webinar, FI Consulting shares lessons learned from helping these agencies implement lifetime credit loss estimates that not only pass audit, but also provide the organization with better insights into their business.
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