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Driving CECL Compliance Through Risk Controls & Analysis

Driving CECL Compliance Through Risk Controls & Analysis

To help a global financial services corporation comply with the FASB’s CECL standard, SolomonEdwards delivered a highly skilled business risk analyst to bridge technical gaps, lead analytics and testing, and position the client’s finance project team for long-term success.

Challenge

A multinational financial services corporation needed to ensure compliance with the Current Expected Credit Loss (CECL) accounting standard. Facing skill gaps and development roadblocks, the organization sought a partner to provide immediate hands-on support, system testing and expert-level risk analytics.

Solution

We embedded a business risk analyst into the finance project team to drive development, conduct model-to-model testing, and standardize analytics. Key deliverables included: macro variance error detection, waterfall analysis templates, standardized SQL for business users, and user acceptance testing (UAT) for a sensitivity tool migration. Our analyst also provided on-site training across three venues for the initial implementation group.

Outcome

Our work helped the client correct critical framework issues and successfully process production-level runs. We ensured the accuracy of data used in CECL compliance and empowered the internal team to conduct future testing and deep-dive impact analysis on their own. The engagement advanced the company’s ability to meet evolving regulatory standards with confidence.

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