Being a paramedic during the formative years of my working life, I’ve been surprised at how many of the lessons that I learned on the job have translated to the business world. An encounter with EMS is generally a life-changing one. The actions of the various teammates across agencies can make a profound impression. […]
Management Consulting
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 […]
Simplify – One of the Lessons I Learned as a Paramedic
Being a paramedic during the formative years of my working life, I’ve been surprised at how many of the lessons that I learned on the job have translated to the business world. “Paramedics save lives. EMTs save paramedics.” This was a saying that was often repeated in my tenure in EMS, and it was true. […]
Data Quality Improvement is Key to Successful Data Governance
The goal of any data quality program is to improve quality of data at the source. Once a financial institution’s data lineage capabilities are in place, a key starting point for data quality initiatives is the confirmation of critical data attributes for each major business line and functional area. The data quality program should define […]
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 […]
Why We’re Looking Forward to Denver Startup Week
According to the event organizer, “Denver Startup Week is about innovation for founders, developers, product managers, designers, marketers, sales teams, and makers.” This week-long extravaganza promotes the lively spirit of Denver, while endorsing the entrepreneurial presence that Denver has to offer. Denver Startup Week is a continuous celebration of everything entrepreneurial and innovative in Denver. This […]
Never, Ever Run On-Scene
Being a paramedic during the formative years of my working life, I’ve been surprised at how many of the lessons that I learned on the job have translated to the business world. Medical dramas and scenes with medical personnel are commonplace in movies and TV. I’ve been known to watch my share, and I do […]
Orchestras, Onions, and Organizational Culture – A Primer
Have you ever watched an orchestra before they perform a concert? You will see an interesting ritual where musicians individually warm up their instruments as the audience arrives to find their seats. Next, without a visible external cue – and before the conductor steps on stage, the musicians begin their tuning process. The principal violinist (also known as the concertmaster) will play a tuning note. Fellow violinists seated next […]
How the 3 Rules of Paramedicine Apply to Business
Being a paramedic during the formative years of my working life, I’ve been surprised at how many of the lessons that I learned on the job have translated to the business world. Paramedics have a notoriously dark sense of humor. It’s a natural coping mechanism that helps to manage the stresses of the job. […]
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 […]
Evaluating the Maturity of Key Supply Chain Components
To successfully address supply chain trends, it is critical that the foundational aspects of your existing supply chain are operating effectively. We recommend evaluating the maturity of the following key supply chain components before attempting to use the latest technologies. SUPPLY CHAIN DATA GOVERNANCE (BLOCKCHAIN, ADVANCED ANALYTICS) Data integrity is the key to supporting transformational […]
Establish Formal Data Contracts Between Data Owners and Consumers
A final capability that is emerging is the establishment of formal data contracts between data owners and data consumers and integrates each of the key capabilities described in our previous blogs. A data contract is an agreement that specifies data owner accountability regarding data delivery acceptability levels, as well as the consequences and expectations for […]