S&P and Wolters Kluwer Partner on CECL Product
The OneSumX CECL solution combines S&P's historical default and recovery data with Wolters Kluwer's finance, risk and reporting platform.
Research, data, and analytics provider S&P Global Market Intelligence is teaming up with technology provider Wolters Kluwer to create a Current Expected Credit Losses (CECL) solution called OneSumX CECL.
Following the financial crisis in 2008, the Financial Accounting Standards Board (FASB) revised how banks estimate losses and devised the CECL regulation for new calculations for allowance of loan and lease losses (ALLL). CECL is set to go live in 2020 for all entities that file with the US
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