Celent recognizes Camden National Bank as the 2018 Model Bank: Risk Management for their initiative in Preparing for CECL.
Like many banks, Camden National calculates its monthly allowance for loan and lease losses (ALLL) in complex Excel-based models. The bank recognized the process was highly inefficient and inadequate for the new Current Expected Credit Losses (CECL) accounting standard and anticipated regulatory scrutiny. Camden National implemented a web-based ALLL solution and CECL methodology that has maximized accounting efficiencies and minimized regulatory and audit risk.
