ProfitStars® CECL DataStore and Validation℠
An efficient solution that helps you meet the
daunting data collection tasks associated with CECL regulations
sorting, and managing multiple data inputs are cumbersome tasks. The Current
Expected Credit Loss (CECL) regulations, passed by the Federal Accounting
Standards Board in June 2016, make accurate data management and accessibility a
must. To ensure compliance with this new regulation, your financial institution (FI)
needs to immediately begin to evaluate the data held in various systems
throughout your institution.
CECL DataStore and Validation℠ is an efficient solution that helps you meet the
daunting data collection tasks associated with CECL regulations. It verifies
that the required data elements are available and that critical information is
accessible in a usable format. This is crucial, since application and database
software is upgraded over time and backup data can easily become outdated.
Reliance on outdated backup data could create additional work and result in
Our CECL DataStore and Validation module also
compiles and categorizes historic loan data. It provides validation that the
data required to calculate ALLL (allowance for loan and lease losses) has been
received, and exports data in a standardized format.
What It Does
- 24/7 access to a hosted solution on a secure,
cloud-based platform. You avoid the headache, effort, and cost of building and
maintaining a proprietary system.
- Saves time, with no manual pulling and sorting
of data fields.
- Ensures you are collecting the correct data
fields for compliance.
What It Does For Me
your FI ready for CECL compliance should begin now. Data collection and
validation can be time consuming, and having the right data is key. The CECL
DataStore and Validation module is an easy step in the right direction and,
when used in conjunction with ProfitStars® CECL Analysis and Reporting℠, your
FI can achieve CECL compliance.