Avon, Conn – July 13, 2011 - COCC, a leading provider of next generation technology services for banks and credit unions, has signed a strategic partnership agreement with Glastonbury, Conn-based Fortress Risk Management to provide customized Enterprise Risk Management solutions to COCC’s core processing clients.
The Fortress solution is a comprehensive suite of highly customizable components designed for real-time monitoring of security and risk for financial institutions and their clients. The Fortress components provide global and in-depth views of government regulation and compliance requirements, internal audit policies, database system intrusion, and transaction-based fraud across all consumer and business accounts. Every component can be customized to the specific requirements of the financial institution and is current with emerging trends in fraud and identity theft.
“COCC is excited by the opportunity to integrate Fortress’s advanced fraud and Enterprise Risk Management solution with our next generation core technology,” said Joe Trafton, Senior Vice President and Chief Strategies Officer at COCC. “This comprehensive solution offers around-the-clock protection against the broad spectrum of risk, giving our clients better intelligence and greater peace of mind.”
The Gartner Group estimates that fraud losses amount to approximately seven percent of a financial services institution’s gross revenue. Both the amount and the instances of financial fraud continue to rise more than 10 percent annually. The primary component of Fortress - Transaction analysis, in real-time – is a key component in reducing fraud and saving bottom line dollars to financial institutions.
“COCC has a reputation for delivering innovative financial technologies, and we are happy that they have recognized the advanced work we are doing at Fortress,” said Ray Seefeldt, president of Fortress Risk Management. “Both companies and our clients will benefit from this partnership as the Enterprise Risk components of Fortress streamline the institutions’ compliance processes to save time and resources.”