COSTA MESA, Calif. and
NEW YORK, Aug. 7, 2019 /PRNewswire/ -- As
the initial set of deadlines for the Financial Accounting Standards
Board's current expected credit loss (CECL) model quickly
approaches, Experian and Oliver Wyman have joined forces to help
financial institutions adhere their loan portfolios to the new
guidelines. Delivered through Experian's Ascend Technology
Platform™, Ascend CECL Forecaster™ is a new user-friendly,
web-based application that combines Experian's vast loan-level data
and Premier AttributesSM, third-party macroeconomic
data, valuation data and Oliver Wyman's industry-leading CECL
modeling methodology to accurately calculate potential losses over
the life of a loan.
WEBINAR REGISTRATION: Compliance in a click: Loss forecasting
and CECL
"Financial institutions across the board feel unprepared and
overwhelmed with the new accounting standards on the horizon – in
fact, many lack the historical data and technology required to meet
the new guidelines," said Robert
Boxberger, Experian's President of Decision Analytics,
North America. "Our collaboration
with Oliver Wyman is designed to streamline the road to compliance
– but more importantly, enables lenders of all sizes to continue to
properly assess their portfolios and help borrowers secure
affordable access to credit."
Built using advanced machine learning and statistical
techniques, the web-based application maximizes the more than 15
years of historical credit data spanning previous economic cycles
to help financial institutions gauge loan portfolio performance
under various scenarios. Ascend CECL Forecaster does not require
additional data nor does it require a secondary integration from
the financial institution and enables organizations to more quickly
test their portfolios under different economic factors. Moreover,
financial institutions receive guidance from industry experts to
assist with implementation and strategy.
"Oftentimes financial institutions need to ask the question, 'Do
I build or buy?'. The former tends to require significant cost,
time and resources, such as data and technology," said Anshul Verma, who leads the CECL product
development at Oliver Wyman. "Ascend CECL Forecaster dramatically
reduces the need for additional resources and consolidates
necessary data and advanced technology under one umbrella, and
ensures the capability remains world class as the regulatory
requirements or business needs evolve. Large financial institutions
with an existing CECL solution will also find immense value in
having an independent tool as the benchmark to provide added
comfort in results given the complexity and scrutiny involved."
"Ascend CECL Forecaster is a critical capability needed urgently
by all lending and financial institutions," said Ash Gupta, a
Senior Advisor to Oliver Wyman and former Chief Risk Officer for
American Express. "The collaboration between Experian and Oliver
Wyman allows a frictionless synthesis of industry data,
capabilities and experience to serve customers in both first and
second line of defense."
Experian's Ascend Technology Platform has been helping
businesses, including the world's top financial institutions, stay
ahead of rapidly changing consumer behaviors since 2017. Through
the platform, customers can build their own predictive models and
gain actionable insights by applying machine learning and AI
techniques to vast amounts of anonymized credit, client and
alternative data sets. Its analytical tools mine rich layers of
content to gain unique insights about businesses and consumers.
Results are delivered in near real-time, via flexible self-service
tools and powerful visualizations, all supported by
industry-leading data security.
To help financial institutions better understand and prepare for
the upcoming CECL standards, Experian and Oliver Wyman will host a
webinar on August 22 at 10 a.m. PT / 1 p.m.
ET. To register, click here. For more information about
Ascend CECL Forecaster,
visit http://www.experian.com/cecl.
About Oliver Wyman
Oliver Wyman is a global leader in
management consulting. With offices in 60 cities across 29
countries, Oliver Wyman combines deep industry knowledge with
specialized expertise in strategy, operations, risk management, and
organization transformation. The firm has more than 5,000
professionals around the world who work with clients to optimize
their business, improve their operations and risk profile, and
accelerate their organizational performance to seize the most
attractive opportunities. Oliver Wyman is a wholly owned subsidiary
of Marsh & McLennan Companies [NYSE: MMC]. For more
information, visit www.oliverwyman.com. Follow Oliver Wyman on
Twitter @OliverWyman.
About Experian
Experian is the world's leading global
information services company. During life's big moments — from
buying a home or a car to sending a child to college to growing a
business by connecting with new customers — we empower consumers
and our clients to manage their data with confidence. We help
individuals to take financial control and access financial
services, businesses to make smarter decisions and thrive, lenders
to lend more responsibly, and organizations to prevent identity
fraud and crime.
We have 17,200 people operating across 44 countries, and every
day we're investing in new technologies, talented people and
innovation to help all our clients maximize every opportunity. We
are listed on the London Stock Exchange (EXPN) and are a
constituent of the FTSE 100 Index.
Learn more at www.experianplc.com or visit our global content
hub at our global news blog for the latest news and insights from
the Group.
Experian and the Experian marks used herein are trademarks or
registered trademarks of Experian and its affiliates. Other product
and company names mentioned herein are the property of their
respective owners.
Contacts:
Jordan
Takeyama
Experian Public Relations
1 714 830
7561
jordan.takeyama@experian.com
Jung
Kim
Oliver Wyman
1 646 364
8355
jung.kim@oliverwyman.com
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SOURCE Experian; Oliver Wyman