Eight Common Accounting Mistakes Identified in Audits of Financial Institutions
Working with a broad range of banking clients provides an expansive overview of common accounting issues that arise with financial institutions. Below are eight significant areas of concern that required additional guidance to clients this year.
Cutting Through ‘Noisy’ Credit Data – and Helping Banks in the Process
Accurate forecasts about loan performance are becoming a top priority, especially when banks merge or acquire and when they must combine their loan performance data sets.
But “noisy” data corruption, particularly that of missing or mislabeled records, presents a challenge to develop default models with any hope of accuracy.
Global Economic Issues, Local Business Disruption
After an active storm season in 2013, followed by a tenacious cold snap last winter that paralyzed much of the country, New England’s economy has begun to see price tags for climate change. Add to that, the significant changes in the nation’s energy market, as vast supplies of natural gas are making the United States more energy-independent (and in the process, creating a new generation of boom towns in middle America).
Banks Deal With Climate Change – or Not
As if regulatory demands weren’t enough, add climate change to the list of urgent issues with which bankers across the country wrestle. Some are responding, and some have back-burnered the issue. Some of New England’s banks are now grappling with how to respond, with executives spending hours at workshops and seminars poring over flood zone maps and sea level charts.
Trends in Information Systems and Related Compliance Considerations
By Patrick Morin Over the past several years, compliance activities have increased to keep pace with the ever expanding scope of industry regulations. Thankfully, information systems can provide significant help in carrying out regulatory activities and...Risk Rating Loans is Not a Simple Process, but a Solid Methodology is a Good Start
Given the number of recent financial institution failures, banks would benefit from taking a hard look at their loan review function. Ask yourself: Are you getting the same report year after year without recommendations to help you strengthen your credit risk management practices? Are your loan review consultants providing you tools to help you do your job better? Do they even have a methodology to risk rate loans, or is it simply their opinion?
Trends in Information Systems and Related Compliance Considerations
By Patrick Morin Over the past several years, compliance activities have increased to keep pace with the ever expanding scope of industry regulations. Thankfully, information systems can provide significant help in carrying out regulatory activities and...Risk Rating Loans is Not a Simple Process, but a Solid Methodology is a Good Start
Given the number of recent financial institution failures, banks would benefit from taking a hard look at their loan review function. Ask yourself: Are you getting the same report year after year without recommendations to help you strengthen your credit risk management practices? Are your loan review consultants providing you tools to help you do your job better? Do they even have a methodology to risk rate loans, or is it simply their opinion?
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