Almost a Quarter of FIs Don't Have CECL Implementation Committees

About a quarter of financial institutions haven’t formed CECL implementation committees yet, according to new data from risk software company Sageworks.

The Raleigh, North Carolina-based firm polled 172 financial institution chief credit officers, chief financial officers, vice presidents of finance, controllers and senior credit staff last month and found that 23% did not have committees dedicated to CECL implementation. Another 5% of the respondents weren’t sure or weren’t involved. The poll also found that 18% had named committee participants but hadn’t taken any action, and 32% had CECL implementation committees that had met a few times but did not have a finalized project plan. Only 22% had CECL implementation committees that were executing on established project plans.