Fiserv, the leading financial services technology solutions provider, announced today the launch of Prologue™ Credit Loss Manager to help financial institutions to efficiently and effectively address the shifting regulatory landscape.
Fiserv’s solution provides support for the final Current Expected Credit Loss (CECL) standards from the Financial Accounting Standards Board.
Jerry Silva, research director, IDC Financial Insights:
Risk management and compliance in an evolving regulatory environment is a significant challenge facing financial institutions. 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
Dan Drees, senior vice president, Risk & Compliance, Fiserv:
Effective risk management is a key factor in financial institution efficiency and profitability. 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.
Based on the size of the financial institution, the CECL standards, which come into effect in 2019 and 2020, require 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.
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.
Last month, Fiserv acquired real-time payments firm Dovetail, and launched marketing analytics Integrator Advance to help financial institutions get a better understanding of their customers and identify marketing opportunities within their customer base. In June, the company added the tailored digital advice and education capabilities of financial services startup GoldBean to its Wealth Management Network.