NEW HAVEN, Conn., Jan. 6, 2015 (GLOBE NEWSWIRE) -- Bellco Credit Union, the second-largest credit union in Colorado, has implemented Continuity's compliance automation solution to save time and resources by centralizing and automating all compliance management and oversight activities on one platform.
Before implementing Continuity, Bellco managed compliance manually, using a mix of spreadsheets, to-do lists, calendars, and email programs. With an ever-increasing volume of regulations to comply with, not only was this method time-consuming, it was prone to human error.
"The time I used to spend administering compliance responsibilities can now be refocused toward broader strategic planning and responsiveness," said Juan Carlos Campos, Bellco's General Counsel and Compliance Officer. "Continuity is always there, working in the background. And our auditors, who require a great deal of feedback and documentation, trust and prefer the centralized records and automated reporting generated by the solution. The platform not only makes us more efficient, but it also reduces human error and gives us the confidence that nothing has fallen through the cracks."
Continuity's award-winning compliance automation solution combines the power and scalability of cloud computing with an on-demand team of compliance and regulatory experts. It provides an easily deployable, unified compliance solution that's flexible enough to meet the needs of financial institutions of all sizes. The solution automates key business processes across Bellco's branches and divisions, including tracking and monitoring of annual training requirements and disclosure updates.
"The unique combination of Continuity's platform and its regulatory support team ensures we are aware of the latest regulatory changes and requirements that actually apply to Bellco, and enables us to plan and delegate effectively for years down the road," Mr. Campos said.
Continuity is fully integrated with the Federal Code of Regulations, National Credit Union Association and other regulatory agencies. The team of dedicated experts in Continuity's Regulatory Operations Center analyzes all regulatory changes and interprets them into clearly defined work steps. This combination of expertise and technology enables Continuity to seamlessly respond to newly issued regulatory changes. The system intelligently connects only the regulations that impact Bellco to its controls and policies, and dynamically distributes the work to the right people at the right time. This significantly reduces the time and effort the credit union previously spent researching new regulatory changes and implementing compliance requirements.
"According to the Banking Compliance Index, in the first three quarters of 2014, there were 223 regulatory changes that affected community financial institutions in the US. This volume of change makes it difficult and time consuming for a community financial institution like Bellco to determine which regulatory changes apply to them and how to comply with those changes," said Andy Greenawalt, Continuity's co-founder and CEO. "Our compliance automation solution, together with our team of compliance and regulatory experts, was built to eliminate that guess work. The solution is tailored to each institution's unique situation, so staff members deal only with relevant items, boosting both time and cost savings."
Continuity's platform helps more than 23,000 users in 40 states and US territories. To find out more about Continuity, attend an online tour or register for other compliance-related webinars, visit www.continuity.net/rethink.
Continuity is a compliance automation solution for community banks and credit unions that has been engineered to reduce the time, cost, and risk impacts of regulation. This single, unified solution 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, an intuitive compliance management platform has been blended with expert personalized service to help community financial institutions quickly adapt to regulatory change, streamline the workload, and ensure compliance.
CONTACT: Sarah Eigner email@example.com 720 726 5454