HOT SPRINGS, Ark., May 28, 2014 (GLOBE NEWSWIRE) -- Arkansas Community Bankers Association (ACB) and Continuity Control LLC today announced their new partnership and the naming of Continuity as a Preferred Solutions Provider. Continuity Control provides the industry's only complete, automated Compliance Management System built specifically for community financial institutions.
Continuity Control is a Compliance Management System which has been engineered to reduce the regulatory impact (time, cost and risk) for community banks. This single, unified system automates the entire regulatory lifecycle; managing regulatory updates, policies, procedures, risk, 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 quickly adapt to regulatory changes and streamline the workload for bankers while ensuring they haven't missed anything.
"We're seeing first-hand how the community bankers in our state are more consumed with keeping up with regulatory changes than ever before," said Richard Trammell, Executive Director of ACB. "Endorsing a company like Continuity Control helps us bring a solution to our members that will alleviate some of the challenges they face in keeping up with the demands of regulatory compliance so that they can get back to running their banks and, in turn, serving their customers and communities."
In the last four quarters alone, 252 regulatory changes were issued and 655 new enforcement actions were opened (source: Banking Compliance Index). To understand these changes, compliance officers needed to read more than 15,000 pages of text. The cost to be compliant with just the new changes in 2013 was nearly $157,000 for an average-sized institution.
"We have reached the point where the status quo of managing compliance manually, with spreadsheets and Word documents, is implausible given the trajectory of new regulations being imposed quarter by quarter. We applaud ACB for having the foresight to have anticipated the needs of their members by providing them with a tool tailor-made for seamless automation which helps every department of the bank reduce the time they spend on compliance, now and in the future," says Andy Greenawalt, Founder and CEO of Continuity Control.
Community Banks can learn more by attending a complimentary online tour for an introductory demo. Register online at www.continuity.net/rethink.
About Arkansas Community Bankers Association
The Arkansas Community Bankers Association is committed to preserving and promoting community banks, their franchise values and the communities they serve. For more information visit www.arcommunitybankers.com.
About Continuity Control
Continuity Control is a Compliance Management System (CMS) which has been engineered to reduce the regulatory impact (time, cost and risk) for community banks and credit unions. This single, unified system automates the entire regulatory lifecycle; managing regulatory updates, policies, procedures, risk, vendors, audit, 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 quickly adapt to regulatory change and streamline the workload for financial institutions while ensuring they haven't missed anything. For more information visit www.continuity.net.
Source: Continuity Control