The First-of-Its-Kind Collaboration Will Provide Financial Institutions With Access to Essential Economic and Forecasting Data to Validate Their CECL Calculations
NEW BRUNSWICK, N.J. (February 11, 2019)– Furthering its commitment to making the transition from ALLL to CECL calculations seamless, PrismPremier announces a new partnership with IBISWorld, Inc., the global leader in industry market research.
PrismPremier offers software for allowance, analytics, and risk, including CECL 360, a web-based solution designed specifically to address the full-spectrum of FASB’s Current Expected Credit Losses (CECL). The collaboration between PrismPremier and IBISWorld will provide CECL 360 users with exclusive access to important national economic and forecasting data that will be necessary for CECL calculations.
“By integrating IBISWorld economic data sets into the CECL 360 platform, financial institutions will have the ability to easily include IBISWorld’s forward-looking analyses into their calculations and supporting reports with just a click of a button,” said PrismPremier CECL 360 Project Leader Asaad Faquir. “IBISWorld is a powerful resource for market research and having the ability to provide that research within CECL 360 will assist banks, credit unions, and financial institution holding companies in supporting their results. By leveraging the IBISWorld data, institutions won’t have to find a source to justify their forecasts and calculations on their own – it’s a win-win.”
Access to the IBISWorld data will be a premium add-on within the CECL 360 subscription. This is the first of many upgrades that will be available to CECL 360 subscribers.
“The IBISWorld network is world-renowned for providing value-added business, industry and economic information through a subscription based-service. Through our partnership with PrismPremier, end users of CECL 360 will be able to easily pull a selection of IBISWorld’s national economic data and forecasts to support their CECL calculations,” said IBISWorld Vice President, U.S. Industry, Jocelyn Phillips.
Additional benefits of the integration include:
- All-inclusive reporting. Users will be able to include and print IBISWorld research in their final report. With the click of a button, users can include the data in “My Report.”
- Future use. The premium add-on will offer the ability to save the report in the PrismPremier CECL 360 system for future use.
“We are excited for what this partnership will mean for institutions that are taking advantage of the premium add-on,” added Faquir. “We understand that getting the right data set that institutions need to make their predictions for future expected losses is critical. The IBISWorld data is just one more way that PrismPremier CECL 360 can assist in addressing the varied and unique CECL computation challenges.”
More information about PrismPremier CECL 360 is available at PrismPremier.com, where institutions can view a recorded demo or schedule a free online demo. For more information about IBISWorld, visit IBISWorld.com.
Powered by TXB, LLC, the PrismPremier brand of software products is developed collaboratively by a team of experienced financial industry professionals and seasoned technology specialists. Since 2010, they have been providing financial institutions with an effective solution for estimating, documenting and validating their Allowance for Loan and Lease Losses (ALLL) reserves through its proprietary software known as PRISM: The ALLL Calculator®. The PrismPremier team understands and appreciates the challenges that are inherent in the complex accounting, regulatory, and compliance environment that bank and credit union leaders face on a daily basis.
Recognized as the nation’s most trusted independent source of industry research, IBISWorld offers a comprehensive database of unique information and analysis on 1,300+ industries. With an extensive online portfolio valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions while saving time and money. IBISWorld Industry Research serves a wide range of academic, business, professional service, and government organizations from its U.S. Headquarters in New York City.