Continuity Engine, a new company that simplifies operations, risk management and regulatory compliance for banks and credit unions, has made its second acquisition in the last month by announcing the acquisition of Business IQ, an innovator in compliance and profitability software for the community banking industry. Monroe, CT October 24, 2008 - Continuity Engine acquired Business IQ for its banking intelligence and profitability capabilities that will be integrated into their flagship product. With this functionality Continuity Engine will allow community banks and credit unions to manage risks that are technical, natural or business related.
Jim Kisch, Business IQ CEO, will become the Chief Strategy Officer with Continuity Engine to round out their management team. “With Business IQ capabilities, we have the ability to look at business risk inside a bank’s critical data,” said Mr. Greenawalt, CEO of Continuity Engine. “As our current financial crisis makes clear, disasters are made from our own hands as well as hurricanes and wild fires. By including Business IQ’s technology, we allow our clients to manage these business risks by making them transparent. While most vendors focus on one area of risk, this leaves the clients with the challenges of juggling vendors, and leaving many of their areas without automation. This lack of automation creates risk that, with our simple affordable solutions, is avoidable.” “In serving as both the President of the MBA Consulting group and as a CIO for a bank holding company, I’ve seen the challenges that they have in managing these issues,” said Mr. Kisch. “I believe that community bankers are yearning for a single platform to manage their business risks across the entire range of operations. In my experience, improper execution of policy and associated losses are frequently the result of undocumented, improperly documented or stale procedures. Further, audit fails to mitigate risks when procedures are faulty. I'm delighted to join forces with this 'dream team' of experts to develop simple solutions that provide operations continuity and insight for the community banking space.”
About Continuity Engine, Inc.
Founded in 2008 by SaaS, banking and compliance veterans, Continuity Engine has created an on-demand platform designed to simplify the way regulatory compliance is achieved in the management of policies, procedures and audit programs. Continuity Engine is backed by Gnostic Ventures and is located in Monroe, Connecticut. Contact: Andy Greenawalt, Founder and CEO Continuity Engine, Inc 203-903-0124 http://www.continuity.net