Moody’s Analytics CECL Solutions Complete 2020 SOC 1® Examinations
Wednesday, January 27, 2021 11:05AM IST (5:35AM GMT)
San Francisco, United States:
Moody’s Analytics today announced that the ImpairmentStudio™, RiskCalc™, and CMM™ platforms have completed System and Organization Controls (SOC 1) Type 2 examinations under the attestation standards established by the American Institute of Certified Public Accountants.
The SOC 1 report examination encompasses policies, operating procedures, and controls related to financial reporting of user entities by an independent auditor, to objectively validate that the service organization meets its declared control objectives.
Banks, credit unions, and insurance companies use our ImpairmentStudio solution to automate allowance calculations, analysis, reporting, and workflow. This award-winning solution combines our credit risk data, best-in-class analytics, and impairment accounting expertise, and has been celebrated for its completeness and broad CECL automation capabilities. As part of an integrated suite, or as standalone platforms, the CMM solution is used to assess the default and recovery risk for commercial real estate (CRE) mortgages, while the RiskCalc solution (also a recent award winner) allows users to assess the default and recovery risk of private firms and financial institutions.