Your credit union’s ALLL model may be due for a check-up

first_img ShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr by: Tom DanielsonLike visiting a doctor for a physical, your financial institution should periodically test the health of its Allowance for Loan and Lease Losses (ALLL) model. It’s not just a good business practice (an underfunded ALLL overstates equity and earnings and casts doubt on management’s ability to accurately report the institution’s financial condition), it’s a regulatory requirement.The Interagency Policy Statement on the Allowance for Loan and Lease Losses says the validation process should include “procedures for a review, by a party who is independent of the institution’s credit approval and ALLL estimation processes, of the ALLL methodology, and its application in order to confirm its effectiveness.”The statement goes on to say that the independent party could be:The internal audit staffA risk management unit of the institutionAn external auditor (subject to applicable auditor independence standards)Another contracted third party from outside the institution continue reading »last_img read more

I wish

first_img 25SHARESShareShareSharePrintMailGooglePinterestDiggRedditStumbleuponDeliciousBufferTumblr,Andy Janning Andy Janning is a popular keynote speaker at events across the country, a national award-winning expert in talent development, the host of NCUF’s Herb Wegner Memorial Awards, and a … Web: Details Hello, all you cool cats and kittens!Crud. Sorry about that. I’ve been quarantined for the last 102 years (approximately) and have watched way too much “Tiger King” on Netflix (don’t judge…you’ve binged it too).The streaming service has been an oasis of predictability these days. I’ve needed that stability.My life, like yours, has been tossed into a blender. My speaking and shooting schedules are in disarray. Projects have been defunded and collaborations delayed. Our daughters are adjusting to the tectonic shift in their social and academic worlds as high school lurches into homeschool and best friends fade into hand-held abstractions in their phones, a trauma they could feel for years.The King Kong atop my Jenga skyscraper of anxiety is the very real possibility of getting sick myself, watching helplessly as the coronavirus annihilates my parents and in-laws and family and friends, or unintentionally bringing the disease home to infect my kids and immuno-compromised wife.I know the small, dark hours of the morning far better now. That’s when my worst fears break quarantine and trample through the sanctuaries in my mind that I’ve tried to keep clean and pure.I’ve careened between denial (“Ain’t no way I’m gonna get sick because AMERICA!”), terror (“We’re living in the director’s cut of the movie Contagion”), anger (“PUT A MASK ON! WASH YOUR HANDS! STAY HOME! LET ME TAKE YOUR PICTURE AND SPEAK AT YOUR EVENT VIRTUALLY, PLEASE!”) and toxic positivity (“Everything happens for a reason!” and “Failure is not an option!” and “It could be worse!” and “Always look on the bright side!”).This is grief – raw, personal, communal, and nonlinear. I’ve been unwilling to accept that label and its five stages because I used to believe you could only mourn the loss of life, not a way of life. How wrong I was.I’ve learned that there is a sixth stage of grief where you find meaning for the pain, the strength to look back in love, and the hope to move forward in gratitude and humility. For me, that stage manifests itself in a personal wish list:I wish every bank and credit union in the world will budget for a huge pay and appreciation package for the #FinancialFirstResponders who have turned themselves inside out to serve the customers and members whose lives and livelihoods have been turned upside down.I wish I knew that the 2020 CUNA GAC would be the last major event I’d attend, and NCUF’s Herb Wegner Memorial Awards would be the last event at which I’d speak, for a while.I wish I could get my hair cut because I’m looking like Syndrome from The Incredibles.I wish I was a little bit taller. I wish I was a baller.I wish more folks understood that reference.I wish I could tell you about the documentary film and photography project I’m working on, the largest and most significant of my career, but the time isn’t right.I wish I could show you more of my upcoming photo book about breast cancer survivors, but the time isn’t right on that, either.  I wish I could freeze every remaining moment we have with our daughters under our roof because I’m certain we carried them home in newborn perfection from the hospital just yesterday.I wish I could hug Ronaldo Hardy and everyone else I know who has lost someone to COVID-19.I wish my wife knew, especially during this season of battle against breast cancer and a clot in her heart, that she’s still the most beautiful woman in the world to me.I wish we all knew that miracles still happen.And I wish we could finally discover what really happened to Carole Baskin’s husband.Crud. Sorry about that.last_img read more

Wednesday people roundup

first_imgRobeco, JP Morgan Asset Management, Deutsche Asset & Wealth Management, Cardano, Aon Hewitt, Edmond De Rothschild, Allianz Global Investors, Kames, PwC, Prevanto, Swisscanto, Infranode, Spence & Partners, Russell, CatellaJP Morgan Asset Management – Patrick Thomson has been promoted to head of institutional clients, retaining his role as global head of sovereign clients. He has previously worked at Ivy Asset Management and served in the British Army for five years.Robeco – David Steyn has been named as replacement for the company’s outgoing chief executive Roderick Munsters. Steyn has previously worked for Aberdeen Asset Management and AllianceBernstein.Deutsche Asset & Wealth Management – Mital Mathwani has joined the company’s passive investment division as director, based in Birmingham. Mathwani joins from BlackRock, and worked at Barclays Global Investors before its acquisition, more recently working on the company’s iShares products. Cardano – Tony Baily has been hired as client director, joining from Aon Hewitt. Bailey, an actuary, has spent his career to date working for Bacon & Woodrow, Hewitt and latterly Aon Hewitt within its investment advisory business. Edmond De Rothschild Asset Management – Daniel Lee has joined as director of UK wholesale from Allianz Global Investors. Lee spent nearly two years at Allianz as sales director and before then was head of UK discretionary sales at Cazenove Capital. He has also worked at Old Mutual Asset Managers and Britannic Asset Management. Kames Capital – Grace Le has been named investment-grade bond manager, joining the firm’s Edinburgh office from PwC in London. Gresham House Asset Management – Rupert Robinson has been announced as managing director. Prior to joining Gresham House, Robinson was chief executive of Schoders Private Bank, and has worked at Rothschild Asset Management. Prevanto – After a friendly management buyout, the existing consultancy team at Swisscanto has formed the independent consultancy Prevanto. Stephan Wyss is managing director in Zurich, while Michèle Mottu Stella runs the business in Lausanne and Patrick Spuhler the business in Basel. The buyout follows last year’s acquisition of Swisscanto by Züricher KantonalbankInfranode – Aleksi Rajakasi has been appointed country lead for Finland, joining from Fortum Distribution. Spence & Partners – Martha Quinn has joined as a consultant after two years at Burness Paull. Quinn previously worked at Brodies, Berwin Leighton Paisner and, more recently, Dalriada Trustees. Russell Investments – Elise Cardon has been named portfolio manager within the global currency team, joining from Optim Invest. She has also previously worked at JP Morgan and State Street Global Advisors.Catella – Markus Holmstrand has been named CFO at the Swedish property advisory company. He was previously the firm’s group business controller and has worked as a controller at both Haldex and SCA Group.last_img read more