Who We Are
During late 2016 the idea to form Platinum Risk Advisors (“PRA”) started at an annual meeting of consulting and vendor firms within the BDO USA Alliance, an association of over 400 accounting and professional service firms, and part of the U.S. network firm, BDO-USA, LLP, and currently the world’s 5th largest accounting network. Two firms, Actuarial Risk Management, LTD and Lawrence Advisory Services, began to talk about the new CECL accounting standard and its potential effects on how banks and credit unions currently and prospectively manage risk in their loan portfolios.
The result of those initial conversations was to:
- create an outsourced solution rather than be in the software business,
- create the information that C-suite and Board of Directors wished existed already,
- be a first to market with an elevated knowledge base combining expertise from the auditor, regulator, and banking C-suite perspective with the expert risk management credentials of actuaries who were the first quants even before the birth of that profession,
- create additional oversight that is missing from just running commercial CECL software, and
- deliver the most comprehensive loan portfolio risk management tool on the market.
The banking expertise comes from Toby Lawrence, a very seasoned CPA, a former senior partner in two national accounting firms – RSM US LLP and CliftonLarsonAllen, LLP and the former President and CEO of a community bank. He has provided loan review and risk management services to over 125 different banks in his 30+ year career. Toby has worked extensively with regulators, especially during the “savings and loan crisis” of the late 1980’s / early 1990’s and during the most recent “Economic Crisis.”
The senior actuaries of ARM, led by President Corwin (Cory) Zass and supported by the ex-Chief Risk Officer, Lloyd Foster, of one of the largest global insurance organizations, used existing risk management and economic capital models that were tested for over a quarter of a century to develop an analogous risk management platform for loans. This separate stand-alone actuarial model has the robust features that will withstand close auditor and regulator scrutiny as well as serve as the foundation to enable ARM to conduct for PRA the various actuarial studies to determine how to best predict when loan charge-offs occur and the estimated losses that are likely to occur over the estimated lives of loans.
The complete bio for Mr. Lawrence is available here.
To learn more about ARM visit www.actrisk.com.