NEW YORK, Nov. 12, 2015 /PRNewswire/ -- Deloitte's Solvas™ software practice just launched its new Solvas|ALLL+ product designed to help banks and credit unions address the current allowance for loan and lease losses (ALLL) process, while preparing for anticipated changes to the Financial Accounting Standards Board's (FASB) current expected credit loss (CECL) model.
In addition to operationalizing ALLL calculations and reporting, Solvas|ALLL+ features a statistical modeling approach, economic data, peer benchmarking and supplemental analytics that provide transparency and user-definable customization for the allowance process.
"Since the financial downturn, regulatory and audit scrutiny of banks' and credit unions' allowance process has increased. FASB's proposed CECL model will add a new layer of complexity to that effort," said Hillel Caplan, a Deloitte Advisory partner, Solvas practice lead and co-lead of the structured finance and accounting software practice at Deloitte & Touche LLP. "Solvas|ALLL+ was designed to support financial institutions' – from credit unions and regional banks up to national institutions' – ALLL and CECL processes."
Harvey Plante, Deloitte Advisory senior manager and Solvas|ALLL+ senior project manager, Deloitte & Touche LLP, added, "Solvas|ALLL+ supports high volumes of loan data from multiple servicing systems, enabling financial executives to improve quality and efficiency, reduce operational risks and gain a deeper insight into their allowance process from a single platform."
As with all Solvas products, Solvas|ALLL+ can be installed on-premise (on an institution's own servers) or hosted by Deloitte in a state-of-the-art data center with a geographically diversified disaster recovery capability.
Other Deloitte Solvas modules and software-related services for credit unions and banks include:
For additional information about Solvas™ products or services from Deloitte's Financial Technology practice, please visit www.deloitte.com/ft.
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