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How to Prepare Your Business to Comply with CECL Requirements
Stand out from the competition by preparing for CECL in advance. These tips will help you get ready ahead of time, boosting your business now and in the future.
It’s not obligatory to adhere to the standards set down by the Current and Expected Credit Loss (CECL) model until 2023, but that doesn’t mean that CECL should be ignored. Getting prepared for the law now can help you save time and money while improving services to your target demographic. The sooner you start compiling the data, the more accurate your CECL models will be, boosting your business as clients recognize that you have the comprehensive information they need to grow their own companies
How to Start
How do you start creating the CECL model your business will need in the next few years? Leading professional service network Deloitte offers the following invaluable tips:
- Evaluate your program management capabilities.
- Make sure that CECL program roles and process-related roles are well-defined. You need to know which programs/people will handle each CECL-related task.
- Review your models to make sure that your plans are legally sound, free from data gaps, and secure to prevent hacks and breaches.
- Test your set-up. One of the most important benefits of getting ready ahead of time is that you can test your set-up to ensure that everything is in good working order, before you have to rely on your set-up full-time.
- Adjust your plan. Are there ways to improve your CECL-related data gathering capabilities? Are there vulnerabilities that need addressing before your plan goes live? Deal with the issues now, then re-test your set-up to make sure there are no other issues.
Don’t try to reach all your CECL-related goals at once. Instead, create step-by-step processes to ensure you’ll be ready well before January 2023. Including CECL-related tasks when drawing up your IT governance plan for 2020 can help you prepare at a steady pace.
How to Get Expert Assistance
Do you need help to set up the best possible CECL model for your business? If you have already set up such a model, do you need help to implement your plan?
William Ives Consulting offers expert IT managed services throughout North and South Carolina. The company partners with leading technology companies such as Microsoft, Dell, Lenovo, Symantec, Workshare, HP, and Mimecast to meet your IT hardware and software needs in the fastest, most cost-efficient manner. We offer a wide range of services that can help you meet your CECL model-creation needs, including secure data storage, ongoing IT support, network set-up and support, and IT consultation services.
The delay in implementing the CECL model shouldn’t result in putting this model on the back burner. Use the time wisely to prepare your business in advance so you have an edge over your competition. If you need professional help, get in touch with us at your convenience to find out more about our services or to make an appointment with an expert who can help you prepare for CECL with confidence.