Sageworks Poll: How would you describe your data?

RALEIGH, NC (June 29, 2017) — During a CECL webinar yesterday, Sageworks surveyed professionals from banks and credit unions asking how they would describe the quality of their loan portfolio data. More than half of the respondents said that they are currently identifying data gaps as they pertain to CECL calculations.

Sageworks, a financial information company that provides lending, credit risk and portfolio risk solutions, conducted the poll during a June 27th CECL webinar on data quality, which comes just a year after the finalized CECL guidance was released in 2016.

According to more than a hundred poll responses from financial institution presidents, chief financial officers, controllers and vice presidents of finance and accounting, 52 percent are in the process of identifying data gaps. Another 20 percent said they are actively addressing their data gaps. Further, 13 percent of respondents said their data archive is sufficient today. However, 15 percent said their data is insufficient and that they need help identifying gaps.

“These results are in line with what we are seeing when we visit with institutions. With 52 percent of the respondents focused on identifying data gaps, the first step is to understand CECL exercises and the data needed for each exercis. That way you avoid scope creep and exhausting resources. In some cases the data a bank has at the ready for these calculations might not be sufficient for the exercises the institution is trying to run, in which multiple iterations are necessary,” said Neekis Hammond, principal consultant with Sageworks Advisory Group.

About Sageworks

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 to learn more.


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