***CECL IS HERE***
Asset Management Group, Inc., Aligns with Argus to Provide Community Banks a Comprehensive CECL Solution
Prairie Village, KS (February 16, 2018) — As financial institutions prepare for the new current expected credit loss (CECL) guidelines set forth by the Financial Accounting Standards Board (FASB), Asset Management Group, Inc. (AMG) has aligned with Argus to offer its customers access to Argus’s CECL/ALLL solution. AMG is a leading provider of asset liability management services to community banks through the BancPath Suite of interest rate risk analytics and regulatory reporting (https://www.bancpath.com). In conjunction with Argus, the company 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. Argus is a Verisk (Nasdaq:VRSK) business.
By leveraging the solution, AMG 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. BancPath customer data will be integrated into the solution, helping automate CECL calculations efficiently.
“The new CECL regulations provide a unique challenge for community banks. We’re happy to be working with Argus to provide community banks of all sizes with the tools and skills needed to face this challenge. By offering our customers Argus’s CECL/ALLL solution, we’re better equipping them to navigate the transition to the new guidelines,” said Sean Doherty, president, AMG.
The flexible nature of the 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 AMG to provide our comprehensive CECL/ALLL solution to their customers. We’ll work collaboratively with them on their journey to navigate through this new mandate as the guidelines and best practices continue to evolve,” said Sunny Malhi, head of the Argus cloud business. “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 Asset Management Group, Inc.
Asset Management Group, Inc. (AMG) is a wholly owned subsidiary of Country Club Bank in Kansas City and has been serving community banks since 1995. AMG offers a range of asset liability management services that are designed to meet regulatory expectations while also managing risk and improving margins. As a community bank, we have designed our services, including the proprietary BancPath model, specifically for community banks. Community banking is built on relationships with clients, and we maintain that same philosophy and approach with our community bank clients. For more information, please visit www.Bancpath.com.
Argus is a one-of-a-kind leading provider of intelligence, decision support solutions, and advisory services to financial institutions across the global commerce ecosystem. Clients include more than 50 top U.S., Canadian, and other international financial organizations, regulators, payment providers, merchants, and media. Argus solutions maximize the value of data by transforming it into insightful information and analysis that assist clients in understanding their market contribution, managing and mitigating risk (default, fraud, funding, and compliance), and capitalizing on their financial objectives. Argus, a Verisk (Nasdaq:VRSK) business, is headquartered in White Plains, New York, with additional offices in San Francisco, São Paulo, Sydney, Melbourne, Bangalore, Dubai, Auckland, Singapore, and London. For more information, please visit www.Arguscloud.com.
Asset Management Group, Inc.
Sunny Malhi, Head of Cloud Business
Argus Information and Advisory Services