RALEIGH, NC (January 9, 2018) — Sageworks, a financial information company that provides lending, credit risk and portfolio risk solutions to banks and credit unions, announced a 2018 series of workshops to focus on helping financial institutions transition to the FASB’s current expected credit loss (CECL) accounting standard.
The company was one of the first vendors to release a software that offered CECL methodology elections, and has hosted events and complimentary webinars to help bankers with the transition. These included the CECL Methodology webinars, which attracted more than 2,000 registrants in 2017.
The new event series will focus on recommendations for a Practical CECL Transition, including hands-on case studies that educate on best practices for common CECL questions. Attendees will engage with Sageworks Advisory Services and Implementation teams in a face-to-face environment for personalized Q&A plus a comprehensive agenda.
The agenda will include case studies covering data, segmentation, methodology, average life-of-loan and forecasting and hands-on practice for how to execute a Practical CECL Transition. The event will also include a networking reception with peers who are also looking to tackle FASB’s CECL Model.
These CECL Transition Workshops will take place across the country in 2018 and are open to institutions that do not use Sageworks ALLL – the company’s CECL solution – as well as institutions that are current users. Attendees will be expected to complete some preparatory work to make the most of the session.
Sageworks’ CECL-ready allowance calculation software uniquely gives users access to models that will be required under the expected loss standard, affording institutions a chance to flexibly use different models for different pools and also to plan for any change to capital. While Sageworks ALLL is not required to follow the new standard, CECL Transition Workshop attendees will get the opportunity to see how software can aid in a Practical CECL Transition.
Four workshop locations for the CECL Transition Workshops have been announced: Atlanta, New York, Nashville and Los Angeles. For more information or to register, visit sageworks.com/banking/ceclworkshops or contact events@sageworks.com.
Sageworks offers banks and credit unions lending, credit risk and portfolio risk software to efficiently grow and improve the borrower experience. By automating the life of the loan with Sageworks, bankers book commercial loans faster and reduce risk. Sageworks uniquely provides integrated solutions and industry expertise to more than 1,400 financial institutions that achieve an average 38% higher loan growth than peers. Visit www.sageworks.com to learn more.
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