Continuity Control Launches ComplianceTax.com with Compliance Tax Calculator for Banks and Credit Unions
Compliance solutions provider examines burden associated with continued regulatory changes
NEW HAVEN, Conn., April 7, 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 today the launch of ComplianceTax.com. Continuity Control defined the original term, Compliance Tax™, to better explain the issue of ever-increasing government oversight, resources required, the overall burden and the rising costs associated with compliance that is affecting all financial institutions.
ComplianceTax.com contains important information to assist in educating financial institutions on the true need to view compliance in the aggregate and review their current compliance processes accordingly. As evidenced by recent articles and industry analysts’ predictions, compliance costs will continue to escalate over the next few years so now is the time for financial institutions to examine their compliance processes and associated costs. According to Gartner’s David Furlonger in a recent white paper, by 2013, the cost of regulatory compliance and risk management will have ‘priced’ Tier 3 and Tier 4 U.S. banks from the market…The implications are that Tier 3 and Tier 4 banks will be placed at a competitive disadvantage and even face increasing pressure to merge with larger competitors due to the affect of meeting ongoing compliance needs.
To help financial institutions determine the cost of compliance for their organizations, ComplianceTax.com offers a calculator that illustrates how much money they are spending on compliance processes. There are also other beneficial materials on the site including a white paper on Compliance Tax stating the problem, examining the current processes and their associated costs, and then presenting suggestions on how to use available technology to streamline the process and receive tangible benefits almost immediately. Additionally, there are ongoing collaborative discussions on managing compliance issues within each unique financial institution.
“Determining the total cost of compliance is difficult at best,” Andy Greenawalt, CEO of Continuity Control, explained. “If an auditor asked, ‘What are your Internet banking charges?’ you could answer that question immediately because you receive an actual bill for it; however, with determining the cost of compliance; time and expense are more difficult to identify because there are so many variables. We hear from bankers and credit union executives all saying, ‘compliance is killing us,’ ‘the costs are staggering’ and the best,’the governments trying to put us out of business.’ We built ComplianceTax.com to enable banking executives look at how the cost of compliance affects their institution. To give them a tool, a 30,000-foot view, to consider strategies for cost reduction. This lets them review their processes that are currently in place and then streamline them. Our fundamental goal is to change the way financial institutions look at, handle and manage compliance.”
Continuity Control remains proactive in its product development to ensure that financial institutions remain ahead of these [compliance] issues. Using easy to implement and easy to follow Apps (Applications), the company offers automated step-by-step directions, policies, tasks and assignments, so that periodic and annual reviews as well as routine operational tasks are directed to the proper individuals at the correct time. Its clients receive an initial core package of six industry-specific Apps covering compliance issues that touch vendor relationships, regulatory updates, exam preparation and board management as well as an online professional community and access to a wealth of additional compliance-related Apps.
Greenawalt added, “Today, financial institutions have to look at compliance differently but they don’t want to have to dedicate a lot of time to the process. With our platform, we ease the challenge that compliance and risk management pose by enabling associates to become more efficient, organized and productive. This results in cost savings and ultimately better customer and member service.”
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 on the company 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