Eugene Sefanov, Author at Perficient Blogs
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Eugene Sefanov

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Benefits of Deploying Financial Services Systems in the Cloud pt2

As a firm migrates financial services applications to the cloud, systems integration becomes of paramount importance. When some applications remain on-premises while others are housed in the cloud, data must seamlessly and securely be transferred bi-directionally, and in a timeframe consistent with operational requirements. Some of the integration techniques used when all applications are within […]

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Benefits of Deploying Financial Service Systems in the Cloud

While deploying key financial service systems in the cloud has numerous advantages, the paradigm, as compared to on-premises systems, is sufficiently different as to require a comprehensive analysis of risks and readiness. The benefits of the cloud have been well documented (reduced up-front infrastructure costs, speed, ability to add server and storage resources on demand, […]

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Migrating Core Financial Services Applications to the Cloud

In our most recent blog post, we outlined and discussed the components required for a successful financial process transformation. Today, we focus on migrating to the cloud with your core financial service applications. It wasn’t that long ago that financial services firms shunned the cloud. In 2010, Forrester Research published a report entitled “Cloud Computing […]

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Components of a Financial Transformation Program

The previous blog post in this series about transforming financial processes discussed the adjunct applications and their role in control and efficiency. This week, we take a detail look into the components of a successful transformation. Once the impediments to a firm’s financial process are understood, a targeted remediation effort can be constructed. Depending on […]

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Adjunct Apps: Improved Financial Process Control and Efficiency

Previously, we outlined a few areas of concern in the financial transformation process. The installment this week features adjunct applications and their role in control and efficiency. While not critical components of a firm’s financial process, there are supporting applications that can be deployed to speed and better control the operation. Master data maintenance, exception […]

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Identifying Points of Concern in the Financial Process

Last week, our blog series featured steps to crafting an effective financial system process. This week we change gears and point out a few areas of concern to be aware of in the process. Financial processes are not static. Changes to a firm’s business model (management, organizational structure, acquisitions, products, markets, countries of operation, etc.), […]

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Crafting an Effective Financial System Process

Our last blog in this series focused on embarking on the financial transformation process. The content this week will outline the effective financial system process and the steps to take when beginning. The General Ledger system is, of course, the heart of a firm’s financial system. A properly functioning General Ledger is, however, but one […]

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Embarking on a Finance Transformation Program

Finance transformation is a broad topic that potentially encompasses all areas of finance process, personnel, and technology. When a firm faces a problematic, manually intensive, time-consuming, and unsustainable financial process, a transformation project is a call to action. While finance transformation is a logical response to a sub-optimal financial process, these programs can easily overrun […]

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The Golden State Warriors Step Up Their Innovation Game

I grew up a Golden State Warriors fan and went to many games in my childhood. While we didn’t have Steph Curry, Kevin Durant, and Klay Thompson, the team I grew up watching had Antawn Jamison, Tim Hardaway, Chris Mullin, and Chris Weber. Still, it wasn’t as hard or expensive to get tickets as it […]

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Prevent the Negativity Associated with Epic (EHR) Upgrades

I just got back from the doctor whose office is in one of the leading hospitals in the United States. I was his first appointment of the day. “They just updated Epic this morning, and everyone is getting into the office trying to make sense of the changes,” the doctor said. I asked if he […]

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6 Best Practices for Your CECL Response Program

Understanding the new current expected credit loss (CECL) regulation, how it impacts an organization, and how to go about implementing and managing a response program will be critical for firms carrying financial assets covered by the accounting standard update. Companies will need to understand the history and lifecycle of their data and processes, and engage […]

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Implementing a CECL Response Program

Organizations will need to modify or redesign their loss reserve processes and systems based on the new CECL standard in light of the substantive changes in methodology. As CECL requires a forecast of loan losses over the life of the instrument, both at the time of origination as well as the revaluation on an ongoing […]

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Financial Statements and Disclosures under CECL

Entities must first include the new CECL disclosures in their financial statements and regulatory reports (e.g., the quarterly call report), commencing with the aforementioned effective dates. There is no separate filing requirement for CECL. The structure and granularity of an entity’s income statement and balance sheet does not to change, as the details of the […]

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CECL Model Alternatives

CECL requires loss estimates to include relevant information about past events, current condition and reasonable and supportable forecasts using both internal and external information, including a range of qualitative and quantitative factors. Estimates of expected credit losses must consider information related to the borrower’s creditworthiness, the issuer’s underwriting practices, and the current and forecasted direction […]

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The New CECL Accounting Standard

CECL, or current expected credit loss, is a new accounting standard that will change how financial institutions account for expected credit losses. Complying with the new CECL standard will have a major impact on an institutions’ operations, accounting/finance, IT, credit, and risk processes and systems. Under current US GAAP (generally accepted accounting principles), an “incurred […]

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Spurring Growth Initiatives Through Tax Reform in Insurance

Recent months have seen many discussions and questions about tax reform and its impact on the industry as a whole. The introduction of lower corporate tax rates in the U.S. has created a jubilant atmosphere, as the rates are generally expected to boost earnings and investments for many insurers. Companies including Aflac, MetLife, Travelers, and […]

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It’s More Than Technology in the Car Rental Industry

Although investing in technology plays a big role in digital transformation, transforming or growing a car rental company isn’t just about the deployment and modernization of front- and back-end systems. Transformation initiatives also require the development, implementation, and execution of strategies and programs capable of delivering operational efficiency, reducing expenses, and increasing revenue. For example, […]

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Enabling Key Stakeholders in the Insurance Industry

Ensuring that agents and brokers have the best tools to evaluate and close opportunities can be a real differentiator for insurance companies. For example, many companies wish to invest in solutions that effectively automate and improve underwriting, as such solutions can help remove human bias, increase the lendable pool of consumers, and reduce response times. […]

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Essential in the Airline Industry: Vision and Commitment

While the term “business transformation” has been floated around for decades, digital and the deployment of modern technology remain the cornerstone of today’s investment decisions. Customer expectations have changed greatly in recent years. Strong brands like Facebook, Amazon, Apple, Netflix, and Google, which investors often refer to as FAANG, have changed consumer behavior. Not only […]

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The Backbone of Operations in the Car Rental Industry

Digital transformation can absolutely be thought of as improving a website through which a car rental company sells its used vehicles – an important source of revenue for the company. It can also be thought of as enhancing a mobile app that enables customers to make, modify, or cancel reservations, view a car’s mileage and […]

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