Raleigh, Nov. 9, 2012 (GLOBE NEWSWIRE) -- StoneRiver Risk and Compliance (SRC) announced today that it has successfully completed its acquisition of Compliance Assurance Corporation (CAC), recognized for its Comply On Demand Enterprise™ Platform for Regulatory Risk Management. SRC delivers the industry's widest range of compliance technology solutions and services to insurance carriers and distributors, including insurance brokers and broker-dealers. With the purchase of CAC, StoneRiver expands the breadth of compliance and risk management solutions it offers to insurers.
CAC's flagship product, Comply On Demand Enterprise (CODE), delivers timely regulatory notifications and updates that are tailored to the insurer's lines of business, and translates those changes into actionable tasks which are then assigned to compliance and business owners and tracked, with any needed escalations, through completion.
Tom Burke, StoneRiver Risk and Compliance CEO, stated, "With over 3,000 regulatory changes a year, insurers are challenged to filter, identify and act on compliance requirements within prescribed timeframes. CODE is a single platform that enables the efficient management of this process required to maintain compliance and minimize risk exposure. Bringing Compliance Assurance and the CODE enterprise platform into our business strengthens our compliance and risk management portfolio and demonstrates StoneRiver's commitment to further expand our position in the GRC market."
CODE is a software-as-a-service solution powered by regulatory intelligence across all lines of business for Property and Casualty and Life and Health Insurers. CAC's team of legal and regulatory experts continually monitors and distills regulation affecting insurers and creates rules that allow insurers to ascertain the relevancy of regulatory changes to their business.
Jerry Shafran, Compliance Assurance Corporation CEO, stated, "We're excited to join a firm that shares our commitment to delivering best-of-breed products and services focused on making compliance more valuable every day. This acquisition allows StoneRiver to extend their compliance and risk management capabilities to serve insurers and the broader financial services market. CODE continues to be adopted across the insurance industry by firms that desire the best-practice for regulatory risk management. These firms recognize that CODE is unique in delivering a truly comprehensive solution that transforms the myriad of regulatory challenges insurers face into a set of easy-to-follow, actionable tasks. CODE allows insurers to streamline the regulatory change management process and mitigate enterprise-wide regulatory risk. "
CODE delivers this regulatory intelligence, in a plain English format and offers recommended actions based on each new or changed regulation. CODE is workflow-driven based on roles, enabling the insurer's compliance function to efficiently distribute actionable updates to appropriate owners. CODE also captures the status of all assigned tasks, enabling active management and reporting on regulatory compliance across the organization. CODE significantly streamlines the workflow, eliminating the manual, people-intensive nature of identifying and analyzing insurance regulations.
RegEd, also a StoneRiver Risk and Compliance company, will integrate CODE into its robust compliance and risk management portfolio for financial services firms that rely on RegEd to support their compliance needs.
About StoneRiver Risk and Compliance
StoneRiver Risk and Compliance (SRC) provides a comprehensive portfolio of technology solutions and services that enable strong compliance, reduce risk exposure and promote optimized practices for producer and advisor credentialing, risk management and compliance, regulatory change management, brand protection and advisor marketing and social / digital presence. The SRC portfolio suite brings together market-leading solutions from Compliance Assurance Corporation, Emerald Connect and RegEd for improved enterprise compliance management, risk mitigation and to enable compliant growth. Visit stoneriverrisk.com for more information.
CONTACT: Elizabeth James, RegEd, 919.653.5439