Continuity Control and Former FDIC Examiner, Susan Orr, Partner to Create Innovative Compliance APPs
Compliance solutions provider announces newest addition to Control Alliance program
NEW HAVEN, Conn., March 2, 2010 – Continuity Control™, creator of an on-demand, Web-based software foundation for financial institution controls that automates the regulatory compliance process for community banks and credit unions throughout the United States, announced the addition of Susan Orr Consulting, Ltd. to its Control Alliance partnership program. With more than 14 years of experience as a bank examiner, Orr recognizes the ability of Continuity Control’s customizable, on-demand applications to help financial institutions address the issue of ever-increasing government oversight and the overall burden and increasing cost of compliance, which the company calls the Compliance Tax™. Together the companies have already created a comprehensive APP (application) that focuses on the specific compliance requirements of remote deposit capture.
“Our collaboration with Susan Orr Consulting, Ltd. addresses the mission of our Alliance partnership program, which is to bring together industry leaders to create proactive and simplified [compliance] procedures for financial institutions,” Jim Kisch, chief strategy officer at Continuity Control, said. “In addition to serving in several lead positions at the FDIC, Susan performs IT audit and regulatory reviews for financial institutions and assists in responding to examinations. With all the recent news coverage associated with Remote Deposit Capture risk, the expertise that an individual of her stature brings to our efforts strongly supports our goal of creating an industry standard for addressing compliance issues in a collaborative manner.
Continuity Control is proactive in its APP development to ensure that financial institutions remain ahead of compliance issues. For example, as the FDIC continues to issue Financial Institution Letters with new regulations and policies that must be adhered to by a set deadline, Continuity Control develops the APP and makes its clients aware of its availability. Its Web-based, SaaS (Software as a Service) platform that lets users access a wealth industry APPs that simplify the work of compliance by breaking it down into a set of simple steps, automating those steps and delivering reporting to satisfy oversight needs.
Continuity Control’s APPs provide policies, tasks and assignments, so that annual oversight, periodic reviews and routine operational tasks get to the right individuals at the right time. Customers receive an initial package of six industry-specific APPs that cover specific compliance issues from vendor management and regulation updates to examination preparation and human resources attestation.
”Regulatory compliance is a key process that continues to demand an increasing level of attention and financial resources from financial institutions,” Susan Orr, founder of Susan Orr Consulting, Ltd., explained. “The key to effectively managing compliance is pulling together industry best practices and offering them in an actionable manner that can be understood by employees at all levels. Continuity Control has created just that through its on-demand applications.”
Pete Halenar, SVP of alliances and business development at Continuity Control, said, “Our Control Alliance has received an extremely positive response from potential partners and financial institutions throughout the industry. As we continue to grow our list of partners and increase the variety of APPs on our platform, it further provides financial institutions with the ability to effectively manage their overall compliance issues and costs.”
About Continuity Control
Founded in 2008 by Software as a Service (SaaS), banking and compliance veterans, the company has pioneered the use of collaboration and social networking among banks and credit unions to create business continuity solutions that manage policies, procedures and audit programs. Continuity Control provides an innovative, on-demand platform for regulatory compliance that dramatically simplifies operations and can be understood by every employee of a financial institution
For more information visit www.continuity.net.
CONTACTS:
Marvin (Mickey) Goldwasser
Continuity Control
203.903.0124 x302
mgoldwasser@continuity.net
Nneka Egwuatu
Media contact for Continuity Control
678.781.7229