A CECl forecast is only as accurate as the data that supports it.
Ensuring you have the right data is a necessary first step in developing your CECL solution. Data is the foundation that the models are built on; the accuracy of your models, therefore, are dependent on the accuracy of your data.
To ensure ample time for developing your models, it is highly recommended that institutions begin assessing their data needs as early as possible.
The experts of RiskSpan have created a concise infographic as a guide in data assessment. The infographic will give you clear-cut answers to the following questions:
- Does your data cover the required timespan?
- Have you collected all the necessary fields?
- Is your sample size large enough?