Sageworks — a financial information company offering lending, credit risk and portfolio risk solutions to over 1,500 banks and credit unions throughout the country — has announced the dates and locations for its 2019 CECL Transition Workshop series.
The series was first introduced in January 2018 as an in-person resource for financial institutions transitioning to the FASB’s current expected credit loss accounting standard, which will go into effect on Dec. 15, 2019 for SEC-filing institutions. Sageworks will be expanding the event series in 2019 to include experts and the allowance software provided by MainStreet Technologies. Sageworks ALLL and MST Loan Loss Analyzer, two software solutions that provide modeling and data management for CECL accounting, have been endorsed by the American Bankers Association.
In preparation for the impending December 2019 effective date, there will be more workshops offered in the beginning of 2019. The 2019 dates and locations include:
- Kansas City, Mo., Feb. 26
- Greater Los Angeles area, Calif., Feb. 28
- Nashville, Tenn., Mar. 12
- Dallas, Texas, Mar. 14
- Minneapolis, Minn., May 14
- Boston, Mass., May 16
In addition to the Sageworks Practical track that was offered in 2018, which explored more theoretical approaches to models and segmentation, the workshops in 2019 will expand to include two additional tracks. The new tracks consist of an additional Sageworks track, Sageworks Community, which will offer a more streamlined approach to CECL workflows, as well as a MST Execution track. Financial institutions will be placed on one of the three tracks based on their implementation timeline and desired CECL model.
Sageworks’ and MST’s CECL-ready solutions uniquely give users access to models that will be required under the expected loss standard. Early access to these methodologies means bankers have adequate time to consider model elections and prepare for changes to data collection and management or reserve levels.
Workshop attendees can expect to explore these different methodologies for different pools through hands-on case studies during the 2019 CECL Transition Workshops. Institutions don’t need to be a current user of either software solution to attend; rather the tools provide a transparent framework through which workshop attendees can see their impact on the reserve. Registration for the CECL Transition Workshops is recommended for financial institution executives who will be responsible for compliance as well as the deployment staff who will be executing CECL models for their institution.
Registration is now open for the 2019 CECL Transition Workshops. For more information and registration, click here. If you have any questions regarding the events or registration, contact email@example.com.