Continuity Engine Launches Compliance Platform, Control
On demand platform makes compliance easy for banks and credit unions
NEW HAVEN, Conn., Aug. 31, 2009 – Continuity Engine, the creator of an on-demand platform that offers solutions to the regulatory compliance process for community financial institutions, recently announced the launch of its compliance platform, Control. Control is a Web-based SaaS (Software as a Service) solution that lets users simplify the work of compliance by turning it into a set of simple steps, automating those steps and delivering all of the reporting to satisfy oversight needs.
Control bundles compliance steps into ActionPacks, and offers them through the ActionPack Library. Each ActionPack is based on Federal Financial Institutions Examination Council (FFIEC) guidelines and supported by a compliance guarantee. ActionPacks provide policies, tasks and assignments, so that all of the annual oversight, periodic reviews and routine operational tasks get to the right people at the right time. There are currently over 50 ActionPacks in the library, with more than 200 expected by the end of the year. ActionPacks can be purchased one at a time, so banks and credit unions can use Control to economically solve the problems they have.
“After living through the examination scramble each year, we wanted to create a product that takes the chaos out of compliance and just makes it simple,” Andy Greenawalt, founder and CEO of Continuity Engine, said. “Early reports are that Control and the ActionPacks reduce the headaches and costs by more than 70 percent. You can think of Control as a compliance tax relief program.”
Connecticut-based Union Savings Bank is one of Continuity Engine’s first customers. The bank selected Control because of the numerous ways that the compliance and risk assessment ActionPacks can be applied. Union Savings Bank’s goal is to manage all risk assessment efforts through one system and it found Control to be the perfect solution at a time when the examiners are focusing more on information security.
“The beauty of Control is the library of ActionPacks that addresses a wide range of issues, so you can pick and choose what you want,” Wayne Leiss, vice president and information technology security officer at Union Savings Bank, added. “If you need an ActionPack, you can just pull it off the shelf and be up and going within minutes. Unlike traditional software with a big up front license and the hope of ROI, Control let’s us address our current issues, while providing a platform with which to grow. It’s a very flexible and powerful system.”
“After working with Union Savings Bank and Wayne at my previous company, I’m thrilled to partner with them again,” Greenawalt said. “They are pioneers in the truest sense of the word. Continuity Engine has clients with asset sizes ranging from $100 million to over $2 billion and Control is a scaleable product that offers the balance of simplicity and power that they all need.”
About Continuity Engine
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 Engine provides an innovative, on-demand platform for regulatory compliance, Control, that dramatically simplifies operations and can be understood by every employee of a financial institution.
For more information visit www.continuity.net.
CONTACT:
Nneka Egwuatu
Media contact for Continuity Engine
678.781.7229