WASHINGTON, Feb. 25, 2013 (GLOBE NEWSWIRE) -- Continuity Control™, the only complete compliance platform built for community financial institutions, today announced the release of its regulatory compliance management system tailored to the needs of small- to mid-size credit unions. The new program enables credit unions to significantly reduce the costs of keeping up with the NCUA regulatory requirements.
"Executives at smaller credit unions simply don't have the time to handle the complexity of managing compliance while serving the needs of their members," said Andy Greenawalt, founder and CEO of Continuity Control. "We've customized our service to fit the needs of smaller credit unions, which will make keeping up with rapidly changing NCUA regulatory requirements much easier—saving time and money while assuring confidence in their ability to thrive in this post-Dodd Frank world."
Tied directly to NCUA's Automated Integrated Regulatory Examination Software, Continuity Control's new platform automates the notification of regulatory changes, clearly interprets the meaning of the compliance requirements and translates requirements into systematic deliverables for small- to mid-size credit unions. Continuity Control spent a year working with credit union clients to refine its technology and hire credit union talent, all with an eye toward customization. This new model takes into consideration the roles of credit union team members often tasked with compliance management, the compliance programs for a credit union outlined by NCUA requirements and includes a pre-defined system of organized tasks to match the granularity of regulatory compliance required by a credit union.
A subscription for this next generation compliance management system includes:
- A simple, but powerful, online platform for managing regulatory activities, keeping up with compliance monitoring, reporting, and ongoing regulatory changes
- A dedicated compliance strategist (staffed by seasoned credit union compliance leaders, including former examiners and league compliance experts) to support the CU for all topic areas
- Comprehensive and complete compliance management for mandatory areas like BSA, Flood and Supervisory Committee management, as well as liquidity, IRR, lending, and vendor management
- Validation for examiners and supervisory board with Internal Audits for BSA, IT and other areas
Greensboro Postal Credit Union, a North Carolina-based credit union with $24 million in assets under management, participated in the early adoption of the Continuity Control platform. With seven employees total and NCUA requirement changes at an all-time high, Greensboro Postal Credit Union partnered with Continuity Control, and has reported a vast reduction in regulation time, cost and stress.
"Continuity Control has met every expectation and delivered on my ultimate goal of staying on top of new requirements," said Carla Stamper, CEO Greensboro Postal CU. "While the solution is very powerful, working with them couldn't be easier and my strategist is always there. After my most recent exam, it was clear to myself and our board the great value we have in Continuity Control."
For more information on Continuity Control please visit www.continuity.net.
About Continuity Control
Continuity Control is an award-winning compliance platform that combines advanced software with personalized service to help community financial institutions effectively manage their regulatory burden. Founded in 2008 by distinguished technology, banking, and compliance specialists, Continuity Control's platform effectively reduces the resources a bank or credit union must spend on compliance while ensuring that it passes regulatory muster. Built just for community banks and credit unions, Continuity Control is the most comprehensive compliance management platform for community financial institutions on the market today.