By Will Newcomer, VP, Business Development & Strategy, Wolters Kluwer
Could you please tell our readers a little bit about yourself, your experience and what your current professional focus is?
I have more than 35 years of experience in risk and finance with global and regional banks as well as leading technology firms, focused entirely on integrating finance, risk and compliance solutions. In addition, I use this extensive experience in enterprise-wide management information systems to help financial institutions in the areas of risk adjusted performance management, budgeting and planning, asset and liability management, incentive compensation, financial reporting and stress testing.
What, for you, are the benefits of attending a conference like the CECL Congress and what can attendees expect to learn from your session?
Attendees will get a broad and in-depth education on CECL from their peers and vendors along with plenty of opportunities to speak with both groups about issues they face at their institutions.
How can incorporating CECL into accounting practices benefit financial institutions in the long run?
The only known benefit, at this time, of incorporating CECL into accounting practices is that it actually merges and integrates Finance, Risk and Reporting within banks in a business as usual practice.
How do you see CECL impacting the financial risk landscape over the next 6-12 months?
I think of it as two “-tions”: Education and Digestion. Risk and Finance people have spent many hours learning how to create their CECL processes and are looking at beginning parallel runs soon, if not already underway. The results of these parallel runs will create the next major CECL preparation wave of educating executive management and board of directors. Digesting the magnitude of the CECL process and the implications of the results from the myriad moving parts will be difficult. Does anyone have some TUMS they can spare?