Check out our interview with The NAFCU Journal earlier this month.
We keep hearing words like “unprecedented” and “unpredictable” in reference to this pandemic. That can be really overwhelming to a credit union looking to complete stress testing with a future so volatile. We compiled some answers here to frequently asked questions—and questions you should be asking at your institution—about stress testing processes, challenges, best practices and more.
For more information on ARCSys or to schedule a complimentary demo click below. Let our accounting experts can show you how our software can be customized specifically to your institution’s data. The deadline to implement CECL is approaching quickly and having extra time to understand your data is more critical than ever.
About the Author:
Mike has been providing accounting, consulting and auditing services to financial institutions for over 30 years. Considered the “CECL Guru”, Mike was selected by the AICPA to create and deliver their 8-hour CPE course on CECL. He is a past member of the Auditing Standards Board and a published author on Accounting and Auditing for Financial Institutions. Mike has spoken at numerous AICPA conferences as well as other national and local financial institution associations. Mr. Umscheid is also the author of the 8-hour CPE course published by the AICPA for CECL.Mike is currently the President and CEO of ARCSys, a consulting firm that specializes in Allowance for Credit Loss software and CECL. He graduated from Virginia Polytechnic Institute and State University in Blacksburg, Virginia. Mike enjoys working out in the morning before work and loves to cook for his family and friends.