This includes sessions from the conference: Conference on Credit Unions 2018
Navigating the changing landscape of financial services technology and implications for industry participants
The discussion will continue in Part 2 of the Accounting and FASB Update.
Join us to have your questions answered in the second session.
The concept of Artificial Intelligence (AI) has been around for years and progressive organizations have invested heavily in AI. Organizations are using AI to automate processes, better respond to customer needs, and manage risk by detecting patterns in massive sets of data and interpreting their meaning. This session will define AI, and provide practical examples of opportunities for credit unions and audit professionals to better identify and manage risks.
Learning objectives include:
The effective date for FASB’s revenue recognition standard is just around the corner and most credit unions will be adopting at the beginning of 2019. The ASU puts in place a common framework for recognizing revenue, largely replacing the industry-specific revenue recognition guidance in GAAP. While the income statement impacted has not been significant for most financial institutions, the revenue streams still need to be evaluated and documented. In addition to sharing observations on the implementation, this session will cover the new disclosures and internal control considerations.
Auditing is an art. Generally Accepted Auditing Standards (GAAS) sets the standards under which we perform an audit but, complying with those standards can be an art unto itself. Come join us to discuss real life experiences in auditing with two experienced credit union auditors. Discussion points include thoughts on enhancing audit efficiencies while maintaining audit quality and addressing common audit procedures and auditing issues that are more complex. This session is designed to discuss various ways to help practitioners enhance their audit quality, audit efficiencies, and best practices by discussing real life examples from credit union land.
Its been all about CECL since the initial FASB exposure draft was issued in late 2012. While credit union accounting professionals and practitioners have become well versed in the requirements of CECL, implementation progress and practical experience has been limited for many in the industry. This session will provide perspective and examples from credit union professionals who have made significant progress in the CECL implementation process.
The learning objectives include:
Can you identify your most profitable member relationships?
As credit unions consider entering or expanding their commercial lending programs it is important to accurately understand the contributions from these business relationships. There are currently $68 billion outstanding commercial loans on credit union books representing a 40% growth since 2014.
On average, only 20% of relationships are creating economic profit, and only 1% of those create most of that value, yet many institutions cannot accurately rank their relationships based on profitability. In a recent survey conducted by Kaufman Hall and FMS, 91% of institutions felt that they should be doing more to leverage profitability in their decision-making processes. By analyzing and better understanding the drivers of profitability, a credit union can make changes to benefit all members by focusing on retention strategies for highly profitable members and finding ways to improve the profitability of those less profitable members.
Learning Objectives:
Join our session to learn how relationship management can transform your institution. We will discuss:
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