SS&C Primatics EVOLV implementation positions East West Bank for its CECL transition
WINDSOR, Conn., Nov. 14, 2017 /PRNewswire/ -- SS&C
Technologies Holdings, Inc. (Nasdaq: SSNC), a global provider of
financial services software and software-enabled services, today
announced that East West Bancorp ('East West') has successfully
completed User Acceptance Testing of EVOLV®. EVOLV,
SS&C Primatics' leading cloud-based integrated risk and finance
solution, will support East West's Allowance for Loan and Lease
Losses (ALLL) process under current US GAAP, and the transition to
the new reserving standard, Current Expected Credit Loss
(CECL).
Public SEC (calendar year) filing institutions are required to
adopt CECL by the beginning of 2020. According to a survey
conducted by SS&C in September
2017, only 8% of banking institutions were implementing the
CECL transition requirements, while an additional 46% were only in
the information gathering and planning stages. East West selected
SS&C because the EVOLV solution offered global compliance with
CECL and met the bank's current and future reserving needs. For
many institutions, CECL presents an opportunity to streamline the
inefficiencies in their current reserving process.
East West Bank is pleased with
their choice to partner with SS&C. SS&C's team of reserving
specialists has optimized the bank's current reserving process for
implementation into the EVOLV system, and their experience with
forward-looking reserve estimates will be invaluable during
East West Bank's transition to
CECL.
CECL will result in cross-functional changes to the reserving
process. According to the SS&C' s survey, 63% of respondents
indicated that they anticipate CECL will result in substantial
changes to policies, procedures or technology systems. EVOLV will
support East West's transition to CECL by holistically addressing
all operational aspects of the new reserving standard: data
management, generating the allowance, disclosures and
analytics.
"We believe that the foundation of a successful CECL
implementation includes a comprehensive approach to the end-to-end
reserving process," said Kwang Sin,
Senior Vice President and General Manager, SS&C Primatics.
"Ultimately, institutions need the right system to efficiently
complete the transition. CECL is just a recent example of the
rapidly evolving landscape our clients face on a regular basis.
EVOLV was purposely built to make it easier for our clients, like
East West, to adapt to changing business needs in a secure and
controlled environment."
About East West Bancorp
East West is a publicly owned
company with total assets over $36
billion and is traded on the Nasdaq Global Select Market
under the symbol "EWBC". The Company's wholly owned subsidiary,
East West Bank, is one of the largest independent banks
headquartered in California.
About SS&C Technologies
SS&C is a global
provider of investment and financial software-enabled services and
software for the global financial services industry. Founded in
1986, SS&C is headquartered in Windsor, Connecticut and has offices around
the world. Some 11,000 financial services organizations, from the
world's largest institutions to local firms, manage and account for
their investments using SS&C's products and services.
Additional information about
SS&C (Nasdaq:SSNC) is available at www.ssctech.com.
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SOURCE SS&C