ORLANDO, March 17, 2010 - Continuity ControlTM, 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 Intelligent Banking Solutions (IBS), the premier provider of debt management solutions to the financial industry, to its Control App Alliance partnership program at the Independent Community Bankers Association 2010 National Convention and Techworld. The partnership will combine IBS' expertise to simplify the governance, compliance, and risk management requirements associated with the collections process within Continuity Control's App (application) software.
Housed on Continuity Control (Control), the company's software foundation for financial institutions controls, 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. To date, the companies have created a Consumer Loan Collections compliance App to better manage and track basic loan collection efforts.
"Due to the current economic environment and heightened government surveillance, banks and credit unions are relying on innovative technology to provide cost-effective tracking and reporting solutions that are complaint with government regulations," explained Rob Daley, president at IBS. "We are impressed by Continuity Control's approach to reducing cost and simplifying the compliance process. The beauty of using an App is that financial institutions will get a proven plan of action that can be modified to suit their system and complement existing polices."
Control is designed to organize and simplify the work of compliance within a financial institution. Moreover, Control helps address the overall burden and issue of ever-increasing government oversight, as well as the amount of work, resources and costs associated with compliance. The company refers to these aggregated costs as the Compliance TaxTM.
"IBS is a true leader within the industry and we are pleased to welcome them into the Control App Alliance," stated Andy Greenawalt, CEO at Continuity Control. "It is through collaborative efforts such as this that we can provide banks and credit unions with solutions that streamline the compliance process. We continue to address the specific and expanding compliance needs of community financial institutions, as well as expand our Compliance App Store offerings, by partnering with and leveraging the expertise of organizations such as IBS."
Collections departments in financial institutions are under increasing scrutiny from regulators as auditors monitor how well policies are being followed and whether or not they are still relevant in light of skyrocketing consumer default rates. In order to maximize collector productivity and automate tracking of foreclosures, repossessions and bankruptcies effectively, the Consumer Loan Collections App can be used as a control device to address risks and satisfy regulations from one central application.
Pete Halenar, SVP of alliances and business development at Continuity Control, said, "Continuity Control is led by an executive team and board of directors with decades of banking and security experience and strong industry relationships. This has enabled us to reach out to leading financial industry companies, such as IBS, and form these strategic partnerships. This level of collaboration is critical to creating the best compliance related Apps that we can possibly offer and leveraging proven industry practices to truly reduce the burden of the Compliance Tax that every financial institution faces."
Control is a Web-based, SaaS (Software as a Service) platform that contains an online collaborative community and an initial package of six Apps that provide control over vendor management, exam preparation, board management, compliance calendar, regulatory watch and a policy vault.