NEW HAVEN, Conn., Feb. 26, 2015 (GLOBE NEWSWIRE) -- Continuity, the compliance solution provider for community financial institutions, will introduce its Compliance Core at ICBA's national convention, Community Banking Live.
Continuity's Compliance Core™ is engineered to reduce compliance risk and cost for community financial institutions by bringing together strategic planning, technical execution and world-class insight into a single subscription service. According to the latest Banking Compliance Index™ (BCI), the average community bank needed to devote more than $147,000 to manage the more than 300 regulatory changes introduced in 2014, a trend that has been steadily increasing over the past several years.
At the heart of the Compliance Core is the Regulatory Operations Center™ (ROC), the think tank behind the BCI. World-class regulatory experts review and analyze federal issuances in real time and determine how the changes will affect individual institutions. The ROC then creates customized action plans and delivers them to users of Continuity's Control Platform.
"Thanks to Continuity, compliance is more manageable for the bank, which helps us provide better service to our customers," said Jeri Hewitt, vice president of compliance and Bank Secrecy Act officer for Emprise Bank in Kansas. "Continuity converts all regulatory changes that impact our bank into actionable tasks for our team members. There's no more guesswork or hoping that we have understood the regulations correctly."
"Continuity's Compliance Core is the first solution we've seen that blends expertise and technology into one offering with one annual subscription," said Dan Clancy, executive vice president of services at ICBA. "By combining expertise with an automation platform, Continuity helps reduce the regulatory impact on our member banks, enabling them to get back to the business of banking."
"Earlier this year we were recognized by Gartner for the innovation of the Core, for bringing services and technology into a single solution. For six years and with over 200 clients we've refined a solution that delivers service commitments at the business level - compliance guaranteed," said Andy Greenawalt, Continuity co-founder and CEO. "To accomplish something with that impact wasn't simple or single-faceted. We needed to build a single solution that brought together expertise and process innovation, anchored to a technology platform, to provide the cost benefits typically reserved for the mega banks. We aim to fundamentally change the economics of compliance – that is the point of the Compliance Core, and that's exactly what it delivers."
Continuity Co-Founder, Jim Kisch, will host a workshop on the Compliance Core at ICBA's national convention, Community Banking Live, at 11:30 A.M., March 2, in Orlando. ICBA members can also visit Continuity on Main Street in Booth #439.
Continuity provides the only Compliance Core™ for community financial institutions. The Compliance Core is engineered to reduce compliance risk and cost by bringing together strategic planning, technical execution and world-class insight into a single, subscription-based solution. These services are delivered using a compliance control platform that is continuously updated with the latest regulatory data from Washington, and best practice compliance processes from other Compliance Core institutions. Built by bankers and former examiners, Continuity's cutting-edge technology and expert personalized service help financial institutions quickly adapt to regulatory change, streamline the workload and ensure compliance. Continuity is headquartered in New Haven, CT and serves nearly 200 institutions in more than 40 states. For more information about Continuity, visit www.continuity.net.