Sageworks launches ALLL.com as online resource for banking professionals
Site hosts questions, answers and best practices for managing the allowance for loan and lease losses (ALLL) calculation.
RALEIGH, NC (February 10, 2015) — Sageworks, a financial information company and provider of risk management solutions, today announced the launch of ALLL.com, a free, online resource for financial institution executives involved in the calculation of the allowance for loan and lease losses (ALLL). The site will serve as a best practices hub for banks and credit unions, as well a space for professionals to ask questions and get answers on the ALLL.
The ALLL calculation is a complex requirement for banks and credit unions and is under a lot of scrutiny from regulators following the Great Recession. Banking professionals have always been challenged with keeping up-to-date on regulatory requirements for the calculation; much of this guidance is open to interpretation and leaves institutions with ongoing questions about how to best enact these principles into practice. ALLL.com aims to help bankers and consultants by offering:
• Regulatory updates and interpretation of guidance
• Calculation best practices
• Advice from consultants and other industry professionals
• Discussion forum for questions and answers
• Whitepapers, webinars, how-to videos and articles
“To date, we haven’t seen a resource bankers can use to quickly answer their questions, but we know there are lots of questions surrounding the calculation,” said Scott Ogle, CEO of Sageworks. “Our objective with ALLL.com is to facilitate the conversation between bankers, consultants and other professionals so they have a place to ask those questions and get a credible response. We already work with 300 banks on their ALLL; starting this online dialogue was a good, next step.”
In addition to ongoing support for the calculation, ALLL.com will provide banks and credit unions with guidance on implementing the proposed Current Expected Credit Loss (CECL) model, expected to be released in 2015. The release of this guidance will mark the transition from an incurred loss model to a model which requires financial institutions to forecast and provision for expected future losses. The change has significant data, capital and methodological implications, so ALLL.com will offer prep kits, how-to videos and various resources to help bankers prepare for and transition to the new model.
Bankers can frequent the site for one-off questions to be addressed in the discussion forum, or they can create a free account to be updated with the most important ALLL news once a month.
Sageworks is a financial information company that provides risk management, financial analysis and business valuation solutions to accounting firms and financial institutions. Visit www.sageworks.com to learn more.