CSI Forms Alliance with Argus; Offers Greater CECL/ALLL Compliance



As financial institutions prepare for the new Current Expected Credit Loss (CECL) guidelines set forth by the Financial Accounting Standards Board (FASB), Computer Services, Inc. (CSI) aligned with Argus to offer its customers access to Argus’s CECL/ALLL solution.

The solution offers banks a comprehensive tool for measuring, monitoring and managing reserves using the expected loss approach, as per the CECL guidelines released in June 2016.

By leveraging the solution, CSI customers can begin developing successful CECL methodologies based on the FASB guidance, which becomes generally effective in 2020. The Argus CECL/ALLL solution accepts the import of multiple data files to create a central data repository, and CSI customer data will be integrated into the solution, helping to automate and enhance CECL calculations.

“In the face of new and changing regulatory requirements, today’s financial institutions are in need of enhanced compliance tools to ensure ongoing understanding and success,” said Steve Powless, CSI’s chairman and chief executive officer. “By offering our customers a direct connection to Argus’s CECL/ALLL solution, we are better equipping them to navigate the evolving lending landscape and maintain the upward momentum of both the institution and its customers.”

The Argus solution helps financial institutions meet a variety of CECL-related requirements, including support for multiple methodologies, seamless integration with economic forecasts and the ability to create side-by-side comparisons of their current model with a CECL-based model. The workflow-based solution also offers a comprehensive audit log and comes with prepackaged reports that help financial institutions meet audit and examination expectations more easily.

“We’re excited to align with CSI to provide our comprehensive CECL/ALLL solution to financial institutions,” said Sunny Malhi, head of the Argus cloud business. “We’ll work collaboratively with them in their journey to navigate this new mandate, especially as guidelines and best practices continue to evolve. We’re confident that our knowledge-led approach, coupled with this robust solution, will enable financial institutions to focus more on their business while managing the CECL challenge more effectively.”


Like this story? Begin each business day with news you need to know! Click here to register now for our FREE Daily E-News Broadcast and start YOUR day informed!

Leave a comment

View Latest Digital Edition

Terry Mulreany
Subscriptions: 800 708 9373 x130
[email protected]
Susie Angelucci
Advertising: 484.459.3016
[email protected]

View Latest Digital Edition

Visit our sister website for news, information, exclusive articles,
deal tables and more on the asset-based lending, factoring,
and restructuring industries.
www.abfjournal.com