Close

Are you in compliance?

Don't miss out! Sign up today for our weekly newsletters and stay abreast of important GRC-related information and news.

×

Status message

Start your free, no obligation 5-day trial to continue exploring with full access.

KPMG, SAS alliance helps banks prepare for CECL

GRC Announcements | August 8, 2018

KPMG recently announced an alliance with SAS to help banks transition to a new accounting standard—current expected credit loss (CECL)—which will drastically change how financial institutions estimate, reserve, and report on losses.

The Financial Accounting Standards Board (FASB) introduced CECL as the new standard for the recognition and measurement of credit losses for loans and debt securities in an effort to ensure better loss coverage. The new standards take effect in stages beginning January 2020.

"These changes are significant in terms of how banks will manage risk and financial data, build their analytic platforms and share information between departments," said Troy Haines, senior vice president and head of the risk management division at SAS. "By aligning with KPMG in the United States, we are helping customers improve business performance and turn risk and...

Buy this article for $49, or subscribe to Compliance Week for a month at $149 and get unlimited article access for 30 days.