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East West Bankcorp completes UAT on integrated risk and finance solution
SS&C Technologies Holdings, Inc., the Connecticut-based global provider of financial services software, announced earlier this week that East West Bancorp has successfully completed user acceptance testing of EVOLV®, its cloud-based integrated risk and finance solution.
EVOLV® will support East West's Allowance for Loan and Lease Losses process under current US generally accepted accounting principles, as well as the transition to the new Current Expected Credit Loss (CECL) standard, which requires financial institutions to change the way they account for expected credit losses. The software will address all operational aspects of the new reserving standard, including data management, generating the allowance, disclosures and analytics.
"We believe that the foundation of a successful CECL implementation includes a comprehensive approach to the end-to-end reserving process," said Kwang Sin, Senior Vice President and General Manager, SS&C. "Ultimately, institutions need the right system to efficiently complete the transition. CECL is just a recent example of the rapidly evolving landscape our clients face on a regular basis."
According to a survey conducted by SS&C in September 2017, 63% of respondents indicated that they anticipate CECL will result in substantial changes to policies, procedures or technology systems. However, only 8% of banking institutions were implementing the CECL transition requirements, and 46% were in the information gathering and planning stages.