CECL Implementation - In-house versus Outsourcing Considerations

By matthew jacobsen - VP

CECL Impementation:In-House vs. Outsourcing Considerations

In the past couple of years, credit unions have been inundated with the onset of the new FASB CECL standard. Planning process elements include: developing an understanding of the new standard, engaging the necessary credit union team members, assessing the data requirements, deciding what model/methodology to incorporate, and implementation, to name a few.

As with many many in-house versus outsourcing decisions, there are numerous other considerations. Having the ability and resource may still not make it the best decision for the credit union.

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New Shoes, New Shoes - Taking the Right Steps When Choosing Outsourced Solutions For Your Credit Union

By Cynthia R. Walker - CEO

Taking the Right Steps When Choosing Outsourced Solutions for Your Credit union

Choosing a vendor or finding solutions in areas such as ALM, CECL, big data analysis, vendor management, and strategic planning, to name a few, can be compared to getting that “right pair of shoes”. The first step is to define your credit union’s needs and to identify any unique characteristics that must be allowed for in the purchase decision. Then, become educated on the subject. Read the regulations or other source documents, ask questions, talk to peers and industry experts, etc. to gain a good understanding of the subject. Next, assign a person or team responsible for managing the decision and process. Buying a pair of shoes did not require a committee, nor was it as technical as choosing ALM related solutions or vendors, but the processes have similarities.

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Strategic Planning and the Race Against Time

By scott butterfield - My Credit union Partner - guest Author

Strategic Planning and the race against time

Strategic planning season is underway, which means more of us are immersed in research, evaluation of data, and best practices to make sure our teams have the depth and breadth of relevant knowledge needed to chart our future and shape a successful strategic plan.

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Fall 2018

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