Wednesday, October 6th, 2010
Continuity Control Introduces Compliance Assistant Program
- Financial technology firm offers Compliance-in-the-Cloud providing community banks and credit unions the compliance scale and efficiency of Megabanks -
NEW HAVEN, Conn., Oct. 6, 2010 – Continuity Control™, a leader in providing next generation compliance automation for community banks and credit unions throughout the U.S., announced the launch of its Compliance Assistant Program. The new program enables credit unions and community banks to dramatically reduce the costs of achieving compliance by shifting responsibilities such as third party audits, risk assessments and training to the new Compliance-in-the-Cloud model.
The Compliance Assistant Program provides smaller and community-based financial institutions with the dedicated Continuity Control staff guidance, automation and updating needed to drive the cost of compliance down to the same levels as Megabanks. The “Compliance-in-the-Cloud” model allows banks and credit unions to share common technology, regulatory updates and staffing training to band their buying power together. “A Megabank can spend $50,000 to solve a new regulatory issue, and then divide it among 7,000 branches, while the community bank or credit union will do largely the same work and spread it across an average of five branches,” said Andy Greenawalt, founder and CEO of Continuity Control. “That equates to around $7.00 a branch for the Megabanks and $10,000 for the community financial institution. This is a real scale problem for the industry. Our Compliance Assistant Program lets organizations automate their compliance in the cloud, thereby realizing the scale of the Megabanks needed to insulate them from the high costs of regulatory compliance."
The Compliance Assistant Program starts with Continuity Control’s compliance directors, who are experts in internal audit, compliance and automation and also serve as points of contact for the financial institution. Compliance directors facilitate the complete automation of risk assessments, program reviews, auditing calendars, schedules and assignments. “Robert Cusumano, our Continuity compliance director, is my right hand,” Darren Magee, IT and security manager at Bluffton, S.C.-based Atlantic Community Bank, said. “While the technology has made everything dramatically easier, Robert has made our Continuity Control experience excellent. He has worked with me on setup, configuration, program rollout and regulatory updates, and when I have had feature suggestions he has listened and gotten them into production. With amazing service and second to none technology, the Compliance Assistant Program is invaluable to me and our bank.”
About Continuity Control
Continuity Control’s mission is to provide a better way to manage compliance, one that’s simple, effective and affordable. Founded in 2008 by financial service, banking and compliance industry veterans seeking to simplify the process of compliance for banks and credit unions, the company has pioneered the use of collaboration and peer networking among bank, credit union and financial industry executives to create cost effective solutions that streamline, organize and manage policies, procedures and audit programs. Using a Software as a Service (SaaS) model combined with personalized service, Continuity Control has developed an innovative, and award winning approach to automating the regulatory process for financial institutions, while at the same time offering more visibility, cost savings and operational efficiency. For more information visit www.continuity.net. CONTACT:
Charlyne H. McWilliams
Media contact for Continuity Control
301.933.5567
The Compliance Assistant Program provides smaller and community-based financial institutions with the dedicated Continuity Control staff guidance, automation and updating needed to drive the cost of compliance down to the same levels as Megabanks. The “Compliance-in-the-Cloud” model allows banks and credit unions to share common technology, regulatory updates and staffing training to band their buying power together. “A Megabank can spend $50,000 to solve a new regulatory issue, and then divide it among 7,000 branches, while the community bank or credit union will do largely the same work and spread it across an average of five branches,” said Andy Greenawalt, founder and CEO of Continuity Control. “That equates to around $7.00 a branch for the Megabanks and $10,000 for the community financial institution. This is a real scale problem for the industry. Our Compliance Assistant Program lets organizations automate their compliance in the cloud, thereby realizing the scale of the Megabanks needed to insulate them from the high costs of regulatory compliance."
The Compliance Assistant Program starts with Continuity Control’s compliance directors, who are experts in internal audit, compliance and automation and also serve as points of contact for the financial institution. Compliance directors facilitate the complete automation of risk assessments, program reviews, auditing calendars, schedules and assignments. “Robert Cusumano, our Continuity compliance director, is my right hand,” Darren Magee, IT and security manager at Bluffton, S.C.-based Atlantic Community Bank, said. “While the technology has made everything dramatically easier, Robert has made our Continuity Control experience excellent. He has worked with me on setup, configuration, program rollout and regulatory updates, and when I have had feature suggestions he has listened and gotten them into production. With amazing service and second to none technology, the Compliance Assistant Program is invaluable to me and our bank.”
About Continuity Control
Continuity Control’s mission is to provide a better way to manage compliance, one that’s simple, effective and affordable. Founded in 2008 by financial service, banking and compliance industry veterans seeking to simplify the process of compliance for banks and credit unions, the company has pioneered the use of collaboration and peer networking among bank, credit union and financial industry executives to create cost effective solutions that streamline, organize and manage policies, procedures and audit programs. Using a Software as a Service (SaaS) model combined with personalized service, Continuity Control has developed an innovative, and award winning approach to automating the regulatory process for financial institutions, while at the same time offering more visibility, cost savings and operational efficiency. For more information visit www.continuity.net. CONTACT:
Charlyne H. McWilliams
Media contact for Continuity Control
301.933.5567