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03/01/2010

Continuity Control and Former FDIC Examiner, Susan Orr, Partner to Create Innovative Compliance APPs

Compliance solutions provider announces newest addition to Control Alliance program

NEW HAVEN, Conn., March 2, 2010 - Continuity Control^TM, creator of an on-demand, Web-based software foundation for financial institution controls that automates the regulatory compliance process for community banks and credit unions throughout the United States, announced the addition of  Susan Orr Consulting, Ltd. to  its Control Alliance partnership program. With more than 14 years of experience as a bank examiner, Orr recognizes the ability of Continuity Control's customizable, on-demand applications to help financial institutions address the issue of ever-increasing government oversight and the overall burden and increasing cost of compliance, which the company calls the Compliance Tax^TM. Together the companies have already created a comprehensive APP (application) that focuses on the specific compliance requirements of remote deposit capture. 

 "Our collaboration with Susan Orr Consulting, Ltd. addresses the mission of our Alliance partnership program, which is to bring together industry leaders to create proactive and simplified [compliance] procedures for financial institutions," Jim Kisch, chief strategy officer at Continuity Control, said.  "In addition to serving in several lead positions at the FDIC, Susan performs IT audit and regulatory reviews for financial institutions and assists in responding to examinations. With all the recent news coverage associated with Remote Deposit Capture risk, the expertise that an individual of her stature brings to our efforts strongly supports our goal of creating an industry standard for addressing compliance issues in a collaborative manner.

 Its Web-based, SaaS (Software as a Service) platform that lets users access a wealth industry APPs that simplify the work of compliance by breaking it down into a set of simple steps, automating those steps and delivering reporting to satisfy oversight needs. 

 Continuity Control's APPs provide policies, tasks and assignments, so that annual oversight, periodic reviews and routine operational tasks get to the right individuals at the right time.  Customers receive an initial package of six industry-specific APPs that cover specific compliance issues from vendor management and regulation updates to examination preparation and human resources attestation.

 "Regulatory compliance is a key process that continues to demand an increasing level of attention and financial resources from financial institutions," Susan Orr, founder of Susan Orr Consulting, Ltd., explained.  "The key to effectively managing compliance is pulling together industry best practices and offering them in an actionable manner that can be understood by employees at all levels. Continuity Control has created just that through its on-demand applications."

 Pete Halenar, SVP of alliances and business development at Continuity Control, said, "Our Control Alliance has received an extremely positive response from potential partners and financial institutions throughout the industry.  As we continue to grow our list of partners and increase the variety of APPs on our platform, it further provides financial institutions with the ability to effectively manage their overall compliance issues and costs."