NEW HAVEN, Conn., Aug. 5, 2014 (GLOBE NEWSWIRE) -- Continuity Control™, a comprehensive regulatory compliance management system (CMS), today announced that SECU, Maryland's leading credit union, has selected its cloud-based platform to automate compliance management. Through Continuity Control's dynamic CMS capabilities, SECU is able to efficiently and easily process and manage an escalating volume of regulatory changes.
With assets at $2.7 billion, 225,000 members and 22 branches across the state, SECU is one of Maryland's largest credit unions. To keep up with the growing complexity and volume of regulatory changes, SECU recently implemented Continuity Control's cloud-based CMS to simplify, standardize and automate compliance functions in a single solution. These include task management as well as the interpretation and notification of regulatory changes that impact the institution.
Sherry Joseph, SECU's chief compliance and BSA manager comments: "I don't think we can put a value on automating the regulatory change management process. When a change occurs, the system automatically interprets the impact on our organization and assigns the right task to the right person. Now there's no question as to whether or not we're meeting regulatory requirements, and I no longer have to spend an enormous amount of time reading thousands of pages worth of new regulations."
Continuity Control's CMS will also automate key business processes that can be leveraged across SECU's branches and divisions. This includes the tracking and monitoring of annual training requirements, disclosure updates and others. It also enables the consolidation of policies and procedures in a single system to provide better visibility, version control and management throughout the institution. Additionally, Continuity Control assigns a Client Strategist to work with SECU to insure its policies and procedures address areas of risk and provide a roadmap to continuous improvement.
Since the CMS implementation, SECU has realized gains in productivity and efficiency. This has enabled the compliance team to refocus their time and energy on proactive risk management functions, such as more detailed risk analysis and compliance testing.
"Continuity was recently recognized as a Cool Vendor, by the noted research firm Gartner, for our breakthrough approach delivery expertise and services with technology as a integration service. This provides a single solution with powerful risk and cost benefits by eliminating the fear of the unknown and many of the manual aspects of compliance management – both of which consume an inordinate amount of time and resources," said Andy Greenawalt, Continuity Control's co-founder and CEO. "By doing this, we empower institutions to focus on things that will actually grow the business."
Continuity Control serves more than 11,000 users across 38 states and one U.S. territory with its 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. 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 community financial institutions quickly adapt to regulatory change, streamline the workload and ensure compliance. For more information visit www.continuity.net.
Source: Continuity Control