CECL estimates require proper scoping, to make sure the modeling technique fits your needs. Beware of CPA firms bearing proprietary software packages… they come with exorbitant price tags, force you to adapt your internal processes to their model, and are often unaccompanied by credit advisors who lack the actual CECL experience to add insight to the data.
You need more than the new methodology. You need a plan to move from your current modeling to the new accounting standard.
For an in-depth look at how the methodology should work for your institution, read these FAQs published by the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Office of the Comptroller of the Currency: