Wolters Kluwer : Will Newcomer to Offer Guidance on CECL Preparations (2024)

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April 19, 2017 at 01:15 pm IST

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Webinar to address where financial institutions should be in the implementation process

The countdown to implementation of the Current Expected Credit Loss (CECL) standard is underway. Wolters Kluwer today announced that Will Newcomer, vice president of product and strategy, Finance, Risk and Reporting-Americas, at Wolters Kluwer, will offer insights in an upcoming webinar to help financial institutions better address challenges they may face during the transition to the new standard.

The webinar, 'CECL: Preparing for the New Standard ' will be moderated by Risk.net senior writer Blake Evans-Pritchard on Wednesday, April 26, 2017, at 10:00 a.m. ET. During the webinar, participants will also hear best practices from organizations that are making significant headway in their CECL business preparations. Additional panelists include: R. Harold 'Hal' Schroeder, Financial Accounting Standards Board (FASB); Mohit Dhillon, Barclays; and Marlene Lenarduzzi, BMO Financial Group.

The new standard, which requires 'life of loan' estimates of losses to be recorded for unimpaired loans at origination or purchase, represents a major change to bank accounting practices and poses significant compliance and operational challenges. It is set to take effect in 2020 for SEC registrants, and 2021 for all other banks. Specific issues the webinar will cover include:

  • Current state of CECL guidelines and industry reactions
  • The challenges of transitioning from an incurred loss accounting model to an expected loss model in financial institutions under CECL
  • How to achieve a successful enterprise wide effort in implementation
  • Understanding how the collaboration between accounting and credit is critical in obtaining forward-looking information to protect the firm against expected losses in the future
  • Examining CECL and the IFRS 9 standards as firms globally move toward more consistent accounting practices

'Many financial institutions are just in the beginning stages of analyzing the business and technical requirements needed to successfully implement the new standard,' said Newcomer. 'A successful transition will necessitate advance preparations, including use of sound data management systems that will allow firms to accurately perform the necessary calculations and produce forward-looking assessments, all critical under the new CECL model.'

Newcomer has more than 35 years of experience in risk and finance positions with major and regional banks as well as leading technology firms, making him uniquely qualified to lead clients to the forefront of integrated finance, risk and compliance solutions. In addition, he uses his extensive experience in enterprise-wide management information systems to help financial institutions in the areas of risk adjusted performance management, budgeting and planning, asset and liability management, incentive compensation, financial reporting and stress testing.

For more information about the webinar, please click here.

About Wolters Kluwer Governance, Risk & Compliance

Wolters Kluwer Governance, Risk & Compliance (GRC) is a division of Wolters Kluwer which provides legal, finance, risk and compliance professionals and small business owners with a broad spectrum of solutions, services and expertise needed to help manage myriad governance, risk and compliance needs in dynamic markets and regulatory environments. The division's prominent brands include: AuthenticWeb™, Bankers Systems®, BizFilings®, Capital Changes, CASH Suite™, CT Corporation, CT Lien Solutions, ComplianceOne®, Corsearch, Expere®, GainsKeeper®, LegalVIEW®, OneSumX®, Passport®, TyMetrix® 360, Uniform Forms™, VMP® Mortgage Solutions and Wiz®.

Wolters Kluwer N.V. (AEX: WKL) is a global leader in information services and solutions for professionals in the health, tax and accounting, risk and compliance, finance and legal sectors. Wolters Kluwer reported 2016 annual revenues of €4.3 billion. The company, headquartered in Alphen aan den Rijn, the Netherlands, serves customers in over 180 countries, maintains operations in over 40 countries and employs 19,000 people worldwide.

Media Contact

David Feider
Corporate Communications Manager
Wolters Kluwer GRC
Tel: +1 612-852-7966
David.feider@wolterskluwer.com
On Twitter: @davidafeider

Wolters Kluwer NV published this content on 19 April 2017 and is solely responsible for the information contained herein.
Distributed by Public, unedited and unaltered, on 19 April 2017 07:45:23 UTC.

Original documenthttp://wolterskluwer.com/company/newsroom/news/2017/04/wolters-kluwer’s-will-newcomer-to-offer-guidance-on-cecl-preparations.html

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Wolters Kluwer specializes in publishing books, works, reviews, press, softwares and digital contents. Net sales break down by market as follows:- tax and accounting (32.2%): A3 Software, ADDISON, ATX, CCH, CCH AnswerConnect, CCH Axcess, CCH Axcess iQ, CCH Axcess Validate, CCH Axcess Workflow, CCH iFirm, CCH Integrator, CCH OneClick, CCH PinPoint, CCH ProSystem fx, CCH Tagetik, Genya, PFX Engagement, TeamMate and Twinfield brands;- health (26.6%) AudioDigest, Emmi, Health Language, Lexicomp, Lippincott, Medi-Span, Ovid, POC Advisor, Sentri7, Simplifi 797, SoleSource, UpToDate and UpToDate Advanced;- governance, risk and compliance (24.4%): BizFilings, CASH Suite, ComplianceOne, CT Corporation, eOriginal, Expere, GainsKeeper, LegalVIEW BillAnalyzer, Lien Solutions, OneSumX, Passport, TSoftPlus and TyMetrix 360°;- legal and regulatory (16.8%): CaseWorx, CGE, Enablon, InView, Iter, Jogtár, Jura, Kleos, Legal Intelligence, Legal Monitoring, Legisway, LEX, Navigator, NotaioNext, ONE, Progman, RBSource, Schulinck, Simpledo, VitalLaw and Wolters Kluwer Online.The group's contents are marketed under the form of publishing on paper, electronic flow and CD-Roms.Net sales are distributed geographically as follows: the Netherlands (3.7%), Europe (24.9%), North America (63.7%), Asia/Pacific (6.1%) and other (1.6%).

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