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Regulations Piling up for Community Banks and Credit Unions According to Continuity Control Analysis
Compliance Solution Adds Another 64 Controls To Stay Ahead Of Regulatory Onlsaught
Built with automated controls to meet Compliance, IT, and Safe and Sound Banking requirements, the Continuity Control solution continuously identifies new or updated regulations that could affect a community bank. The Continuity Control solution has been specifically designed to reduce a community financial institution’
The firm reports that 645 rule alerts have been issued by the individual regulatory agencies over the past five years, plus hundreds of subsequent updates. Through its regulatory mapping function, Continuity Control links a bank’s or credit union’s compliance program to the regulations that govern them. With new alert and updates coming weekly, changes can be handled with intelligence and efficiency to match the volume.
According to Travis Colquett, Vice President and Compliance Officer at First Citizens Bank in Luverne, AL, the Continuity Control platform eliminates the need to purchase separate tools to deal with various components of compliance.
“Working with my Continuity Control strategist, we identified eight to ten different areas that needed controls, and within a couple weeks they were in place,” says Mr. Colquett, who is a former FDIC examiner. “Once I set them, I never have to touch them again. And If someone on my staff leaves, I only have to reassign a new person to that role, which is a ten-second task.”
Founded by financial service, banking, and compliance industry veterans, Continuity Control has been specifically designed to reduce a community financial institution’
Named among the “Ten Tech Companies to Watch” by Bank Technology News, Continuity Control combines advanced software with personalized service from compliance experts to help any community financial institution better manage the various regulatory processes.
About Continuity Control
Continuity Control is an award-winning compliance solution that combines advanced software with personalized service to help community financial institutions effectively manage their regulatory burden. By automating procedural controls to meet compliance requirements on a single platform, the Continuity Control solution improves a bank’s or credit union’s oversight and reduces costs at the same time. Founded in 2008 by banking and compliance veterans with decades of first-hand experience with regulators, Continuity Contol has helped more than 1,000 community financial institution executives get thier compliance work done. For more information, visit www.continuity.net.
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