RALEIGH, NC (October 25, 2017) — The Aite Group, a global research and advisory firm focused on the financial services industry, recently named Sageworks the winner of their Regulatory Relief Award, recognizing the company’s commitment to helping U.S. banks overcome federal regulatory hurdles.
Sageworks, a Raleigh, N.C.-based company that provides software and data to make financial decisions easier, was given this award as part of the Aite Group’s Commercial Loan Origination October 2017 report.
The report explains, “Considering that many banks lack a roadmap for achieving compliance with CECL, and that some are unsure where to find the required data, Sageworks is in a unique position to provide regulatory relief in the form of capabilities such as calculation automation, credit model construction, model building, and sensitivity analyses.”
Sageworks CEO Scott Ogle said, “We are very honored by the Aite Group’s recognition for our work with CECL and other compliance frustrations that community banks and credit unions in the U.S. must overcome. We see these institutions serving a unique and compelling need in their local communities, and if we can lessen the time or resources necessary for compliance, then our clients can stay focused on growing and helping local businesses.”
The Aite report cites CECL, the current expected credit loss, model as a specific concern for banks and credit unions, acknowledging the accounting change’s direct impact on a financial institution’s earnings and financial statements. Sageworks ALLL, the company’s web-based CECL-ready allowance calculation software, uniquely gives users ready 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 plan for any change to capital.
The underpinning for the ALLL and risk management frameworks like stress testing is quality loan portfolio data. By using the Sageworks’ life of loan platform, which spans from online application through risk management, institutions benefit from storing and centralizing loan data that can be leveraged in loss rate calculations, stress test scenarios and portfolio management reporting aimed at helping management understand and mitigate risk.
To learn more about the Aite Group, visit aitegroup.com/, and to learn more about Sageworks’ CECL solution visit 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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