Got Questions about CECL? Head straight to VolCorp!
CECL is shorthand for the new GAAP requirement to include expected life of loan (LOL) losses in the allowance for loan and lease losses (ALLL) for instruments held at amortized cost, versus the current incurred loss model. Generally, loss estimates will increase, may be more volatile, and require subjective assumptions. Processes need to be enhanced and well documented to get management, auditors, and regulators comfortable with the outputs
of the process.
We have the CECL Solution for you. Our new strategic partner, CRF Advisors, Inc. can assist VolCorp Credit Unions with the following to ensure transparency of the implementation process throughout the organization:
- required documentation
- reviewing and analyzing methodologies
- ensuring proper systems inputs
- monitoring the roles and responsibilities
Your credit union will also receive a dedicated team for development and customizations, rigorous project planning for timelines and project resourcing, continuous tracking and monitoring of progress and priorities throughout the project, and regular communication with your project team to ensure quality.