BCI Miami selects Wolters Kluwer’s OneSumX CECL
New York City, United States
BCI Miami, the U.S branch of Chile’s Banco de Credito e Inversiones, has chosen Wolters Kluwer Finance, Risk & Regulatory Reporting (FRR) to provide software for managing its financial reporting obligations for the Current Expected Credit Losses (CECL) accounting standard.
OneSumX CECL includes the ability to develop and build an expected credit loss model that needs to be run in multiple scenarios. It also includes Expected Credit Loss calculators that can work with expert judgment or macroeconomic scenarios and allow for re-usage of methodologies such as vintage or loss-rate methodologies as described by the standard.
Notably, OneSumX CECL allows for a combination of forward-looking term structures and support for calculation and subsequent accounting processing of credit-adjusted effective interest rate (EIR), amortized cost and effective interest for purchased or originated credit-impaired instruments.
“We are delighted to welcome BCI Miami as the latest bank to use our award-winning software for managing CECL reporting obligations,” commented Claudio Salinardi, Executive Vice President and General Manager, Wolters Kluwer FRR. “We continue to provide banks throughout the region with access to a truly integrated finance, risk and reporting platform and look forward to working with BCI Miami on the implementation.”
Governance, Risk & Compliance is a division of Wolters Kluwer, which provides legal and banking professionals with solutions to help ensure compliance with ever-changing regulatory and legal obligations, manage risk, increase efficiency, and produce better business outcomes.
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