BROOKFIELD, Wis.–(BUSINESS WIRE)– Fiserv, Inc.
(NASDAQ: FISV), a leading global provider of financial services technology solutions, announced today that the company is helping financial institutions efficiently and effectively respond to the shifting regulatory landscape with the launch of Prologue™ Credit Loss Manager. The solution provides support for the final Current Expected Credit Loss (CECL) standards from the Financial Accounting Standards Board .
“Risk management and compliance in an evolving regulatory environment is a significant challenge facing financial institutions,” said Jerry Silva, research director, IDC Financial Insights. “When navigating the requirements of the coming CECL standard, it’s critical that the institution anticipate what data is needed to meet the new requirements as well as assess the availability, quality and accessibility of this data.”
The CECL standards, which will become effective in 2019 and 2020, based on the size of the financial institution, require financial institutions to alter the way they approach their end-to-end reserving process, replacing the current incurred loss approach with a lifetime expected loss estimate. As institutions refine their understanding of these changes, they will be able to begin to proactively design current capital reserve calculation and risk management strategies with solutions from Fiserv.
Prologue Credit Loss Manager provides financial institutions with a broad range of information required to measure credit losses including “reasonable and supportable” assumptions that affect expected collections of principle or payments on financial instruments under the CECL standards. Because the solution allows consideration of any reasonable approach that reflects the possibility of a credit loss, accounting and risk managers and executives can better plan and adjust their strategy.
“Effective risk management is a key factor in financial institution efficiency and profitability,” said Dan Drees, senior vice president, Risk & Compliance, Fiserv. “The flexibility of Prologue Credit Loss Manager enables more effective risk management by providing financial services professionals with a more holistic, and realistic, view of their institution’s credit exposure.”
Financial information from Prologue Credit Loss Manager can be seamlessly integrated with insights from other Financial Performance & Risk Management solutions from Fiserv to provide financial institutions with a more unified, accurate and manageable view of their overall business performance.
In a world that is moving faster than ever before, Fiserv helps clients deliver solutions that are in step with the way people live and work today – financial services at the speed of life. Learn more at fiserv.com.
Fiserv, Inc. (NASDAQ: FISV) enables clients worldwide to create and deliver financial services experiences that are in step with the way people live and work today. For more than 30 years, Fiserv has been a trusted leader in financial services technology, helping clients achieve best-in-class results by driving quality and innovation in payments, processing services, risk and compliance, customer and channel management, and insights and optimization. Fiserv is a member of the FORTUNE® 500 and has been named among the FORTUNE Magazine World’s Most Admired Companies® for four consecutive years, ranking first in its category for innovation in 2016 and 2017. For more information, visit fiserv.com.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170913005755/en/
Media Relations:Ann Cave
Director, Public Relations
Additional Contact:Cristy F. Williams
Director, External Communications