CSI Offers Customers Greater CECL/ALLL Compliance Functionality through New Alliance with Argus
PADUCAH, Ky., Aug. 8, 2017 — As financial institutions prepare for the new Current Expected Credit Loss (CECL) guidelines set forth by the Financial Accounting Standards Board (FASB), Computer Services, Inc. (CSI) (OTCQX:CSVI) has aligned with Argus to offer its customers access to Argus’s CECL/ALLL solution. The solution offers banks a comprehensive tool for measuring, monitoring and managing reserves using the expected loss approach, as per the CECL guidelines released in June 2016.
By leveraging the solution, CSI customers can begin developing successful CECL methodologies based on the FASB guidance, which becomes generally effective in 2020. The Argus CECL/ALLL solution accepts the import of multiple data files to create a central data repository, and CSI customer data will be integrated into the solution, helping to automate and enhance CECL calculations.
“In the face of new and changing regulatory requirements, today’s financial institutions are in need of enhanced compliance tools to ensure ongoing understanding and success,” said Steve Powless, CSI’s chairman and chief executive officer. “By offering our customers a direct connection to Argus’s CECL/ALLL solution, we are better equipping them to navigate the evolving lending landscape and maintain the upward momentum of both the institution and its customers.”
The flexible nature of the Argus solution helps financial institutions meet a variety of CECL-related requirements, including support for multiple methodologies, seamless integration with economic forecasts and the ability to create side-by-side comparisons of their current model with a CECL-based model. The workflow-based solution also offers a comprehensive audit log and comes with prepackaged reports that help financial institutions meet audit and examination expectations more easily.
“We’re excited to align with CSI to provide our comprehensive CECL/ALLL solution to financial institutions,” said Sunny Malhi, head of the Argus cloud business. “We’ll work collaboratively with them in their journey to navigate this new mandate, especially as guidelines and best practices continue to evolve. We’re confident that our knowledge-led approach, coupled with this robust solution, will enable financial institutions to focus more on their business while managing the CECL challenge more effectively.”
About Computer Services, Inc.
Computer Services, Inc. (CSI), delivers core processing, managed services, mobile and Internet solutions, payments processing, print and electronic distribution, regulatory compliance, and treasury management solutions to financial institutions and corporate customers across the nation. Exceptional service, dynamic solutions, and superior results are the foundation of CSI’s reputation and have resulted in the company’s inclusion in such top industrywide rankings as the FinTech 100, Talkin’ Cloud 100, and MSPmentor Top 501 Global Managed Service Providers List. CSI’s stock is traded on OTCQX under the symbol CSVI. For more information about CSI, visit www.csiweb.com.
Argus is a one-of-a-kind leading provider of information, scoring solutions, and advisory services to financial institutions across the globe. Our client base ranges from financial institutions and their regulators to various companies across the media industry and beyond. We maximize the value of data by transforming it into insightful information and analysis that assist our clients in understanding their market contribution, managing and mitigating risk (default, fraud, funding, and compliance), and capitalizing on their financial objectives. Argus, a Verisk Analytics business (Nasdaq:VRSK), is headquartered in White Plains, New York, with additional offices in San Francisco, São Paulo, Sydney, Melbourne, Bangalore, and London. For more information, please visit www.argusinformation.com.