NEW HAVEN, Conn., April 8, 2014 (GLOBE NEWSWIRE) -- Continuity Control™ is now the leading compliance management system (CMS) built specifically for community financial institutions, signaling a trend toward greater adoption of compliance automation at financial institutions.
Continuity Control, which provides a complete compliance management system to automate all the regulatory compliance functions for community financial institutions (CFIs), saw more than 300 percent revenue growth and added nearly 100 new clients in the last 18 months. More than 11,000 users across 38 states and one U.S. territory are now on the cloud-based platform, which is designed to reduce the costly and time-consuming impact regulatory compliance has had on small to mid-size financial institutions.
The company continues to receive significant industry recognition for its commitment to serving the unique needs of community banks. The Independent Community Bankers of America (ICBA) named Continuity Control its exclusive Preferred Service Provider for a compliance management system and launched the new relationship at its national convention in Honolulu in March.
"Ensuring regulatory compliance is a top priority and constant challenge for community banks," said Dan Clancy, executive vice president of services at ICBA. "We are very excited to bring Continuity Control's platform to ICBA members because it provides bankers with specific steps to meet the constantly evolving compliance requirements, allowing them to prioritize customer relationships and banking services."
Continuity Control's achievements are a good indicator that community financial institutions are increasingly concerned about the adverse effects regulatory compliance has had on their businesses and are looking to the adoption of CMS technology as a solution. The increase is also likely driven by bank examiners' growing scrutiny of financial institutions' compliance management systems. Enforcement actions have recently been issued citing community banks for insufficient compliance management systems and inadequate board and senior management oversight.
CFIs are also coping with a steady influx of regulatory activities and changes, the management of which can prove costly and threaten banks' survival. According to the Banking Compliance Index — the only index that empirically measures the incremental regulatory burden on financial institutions — the average bank spent an additional $150,000 and needed 2.15 extra full-time employees just to maintain compliance in 2013.
"The rate of regulatory changes and the workload that it creates has placed a significant strain on community financial institutions' ability to compete effectively in their markets," said Andy Greenawalt, CEO and founder of Continuity Control. "Our mission is to deliver innovative, easy-to-use technology solutions that reduce the time, cost and risk impact regulation has had on community banks so they can refocus their efforts on the business of banking."
To find out more about Continuity Control, take an online tour and register for compliance-related webinars, visit www.continuity.net/rethink.
About Continuity Control
Continuity Control is a compliance management system for community banks and credit unions that has been engineered to reduce the time, cost and risk impacts of regulation. This single, unified system automates the entire regulatory lifecycle — managing regulatory updates, policies, procedures, risks, vendors, audits, business continuity and exam preparation along with compliance strategy and planning. Built by bankers and former examiners, the system's advanced software has been coupled with expert personalized service to help financial institutions quickly adapt to regulatory change, streamline the workload and remain informed. For more information visit www.continuity.net.
Source: Continuity Control