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05/07/2010

Continuity Control Welcomes Synergent Technology Services To Alliance Program

Control App Alliance adds technology CUSO

NEW HAVEN, Conn., May 10, 2010 - Continuity Control^TM, creator of an on-demand platform designed to improve and simplify the regulatory compliance process for community banks and credit unions throughout the United States, announced that Synergent Technology Services, a service subsidiary of the Maine Credit Union League, has partnered with the company to create compliance training and vendor management compliance applications (Apps).  Apps are customizable plans that simplify the work of compliance by turning it into a set of simple steps, automating those steps and delivering reporting to satisfy oversight requirements.

"Our goal is to transform the way that credit unions and banks think about and address the process of compliance," Andy Greenawalt, CEO of Continuity Control, said.  "The cost of compliance will continue to rise and financial institutions that fail to manage this rising cost will risk being priced out of the market.   Synergent is a respected leader within the industry and we look forward to working together with them and their customers."

 "As a service bureau, we work with more than 50 credit unions that use the Episys core processing platform, developed by Symitar, and our users are always looking for ways to address compliance more effectively," explained Gary Glenn, senior vice president at Synergent.  " Andy's vision for Continuity Control is a very unique approach to compliance because it gives credit unions the ability to create the compliance processes that they want. We try to offer services that we find beneficial for our credit union users and price is very important to them.  Continuity offers a cost-effective compliance solution that works with their business models."

Continuity Control (Control), the company's software foundation for financial institutions controls, is designed to organize and simplify the work of compliance within a financial institution. The customizable Apps that it offers help address the overall burden and issue of ever-increasing government oversight, as well as the amount of work, resources and costs associated with compliance that the company refers to as the Compliance Tax^TM.

New York-based Northern Federal Credit Union is the first joint customer to benefit from the new partnership.  The credit union is using the vendor management and compliance training Apps. 

"Vendor management is one of the biggest projects and Control is helping me manage everything better," Jennifer Davis, compliance specialist at Northern FCU, added.  "The risk assessment is uploaded in to the system and tasks are dispatched to the employees who have vendor relationships.  As a team of one, I know that everything is set, automated and I don't have to worry about the process.  Control eliminates the need for the department heads to manage their compliance processes separately.  It brings everything to one central place to be managed and monitored."

www.continuity.net%2fabout%2f" target="_blank">Pete Halenar, SVP of alliances and business development at Continuity Control, said, "Vendor management and compliance management are key concerns for financial institutions, so we are pleased to see that Northern FCU has leveraged our Apps to easily and effectively create the compliance processes that are best for the credit union.  The access to better compliance management that Synergent is providing to its customers is something that we look forward to seeing from more CUSOs and industry organizations as the Control App Alliance continues to grow."     

Control is a Web-based, SaaS (Software as a Service) platform that features an online collaborative community and access to a wealth of compliance-focused Apps that have been designed to work together. This innovative approach enables financial institutions of all sizes to cost-effectively control, track and manage compliance processes.