To comply with the new FASB standard for estimating expected credit losses, most banks, thrifts, credit unions, insurance entities, and specialty finance entities will need to make significant changes to their accounting and financial reporting processes. Managing this transition successfully will require careful planning and diligent execution. In this article, Crowe Horwath LLP explores some of the governance and oversight issues these entities must address as they adapt their data systems, technology, and financial models to comply with the new standard.
Read Part 1: Identifying Portfolio Risks
Read Part 2: Data Requirements for Making the Transition
Read Part 4: The Resources and Technology Considerations to Make the Transition