EVOLV will support East West in their transition to CECL by combining historical credit loss data with forecasts to generate forward-looking reserves in a secure environment. When preparing for CECL, financial institutions will benefit from automated processes and reporting mechanisms. We will use the EVOLV platform and rely on SS&C Primatics' team of experts to optimize an end-to-end reserving process." "As a premier bank focused on the United States and Greater China markets with 130 locations worldwide, we've chosen SS&C Primatics as the only solution for global compliance with CECL. "Preparation for CECL is critical for our business - we are pleased to partner with SS&C Primatics on this vital activity," said Sharon Cheung, Controller, East West. ![]() SS&C Primatics' integrated platform will be supporting East West's Allowance for Loan and Lease Losses (ALLL) process under current US GAAP while also preparing East West for transition to CECL by 2020. CECL replaces several impairment accounting models with a single expected credit loss model, requiring financial institutions to overhaul their current reserving process for financial instruments measured at amortized cost. The final CECL guidance was issued by the Financial Accounting Standards Board (FASB) on June 16, 2016, and requires public SEC filing (calendar year) institutions to implement the standard by the beginning of 2020. ![]() Multiple vendors were considered throughout the rigorous selection process SS&C Primatics was selected because the EVOLV ® solution met the bank's current and future reserving needs. SS&C Primatics will assist East West in implementing EVOLV, its leading cloud-based integrated risk and finance solution, to provide end-to-end reserving and credit processing of the bank's loan portfolio. (Nasdaq: SSNC), a global provider of financial services software and software-enabled services, today announced that East West Bancorp ('East West') has signed a multi-year agreement with Primatics Financial, an SS&C company, to prepare the firm for the recently released Current Expected Credit Loss (CECL) requirements. 19, 2016 /PRNewswire/ - SS&C Technologies Holdings, Inc. ![]() California bank signs multi-year agreement to implement EVOLV, leading cloud-based integrated risk and finance solution, to manage reserving under current US GAAP and new CECL accounting standard.
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