Austin, Texas, Jan. 26, 2023 (GLOBE NEWSWIRE) -- Red Oak Compliance Solutions, a leader in advertising compliance review technology and comprehensive compliance software solutions, recently released an end-of-year report highlighting the company’s successes during the 2022 year.
This year marked Red Oak’s 12th year providing compliance software solutions to the financial services industry, investment advisers, insurance firms, and financial institutions across the globe. According to company leaders, the organization continues to grow by expanding its capabilities to serve clients, adding new functionality to its flagship software, and releasing new tools that help firms increase efficiency and mitigate risk in their compliance processes.
Noteworthy Red Oak Results for 2022
Development and Performance
- As part of its commitment to agile development, Red Oak completed more than 30 releases comprising 200+ enhancements to its flagship software, continually increasing its capabilities and providing greater usability for customers.
- The company exceeded its 99.9% SLA uptime guarantee, making upgrades and enhancements with virtually no downtime and providing a truly SaaS and cloud-native customer experience.
- Red Oak increased its revenue by 27 percent for 2022 over the previous year, which is a consistent growth trajectory for the last five years. This growth is fuelled by the addition of new customers and existing customers who decided to implement new solutions from Red Oak’s comprehensive software solutions.
Growth
- Using Red Oak’s tools, customers reviewed more than 6.7 million documents. They also made 15,441 submissions to FINRA using Red Oak’s automated electronic filing module.
- Red Oak’s software made it easier for customers to establish/follow internal processes and maintain data within the system. Customers completed 14.8 million interactions using Red Oak’s tools to capture their data and create a comprehensive audit trail.
- 41 new software customers joined the Red Oak customer base. These new customers added more than $4.5 trillion in assets under management, bringing Red Oak’s total client base to $28 trillion in assets under management.
- Red Oak expanded staff by almost 20 percent to meet increased demand and support ongoing development. Notably, Red Oak:
- Added a Director of Customer Success role, hiring industry veteran Sonya Reeve to ensure clients fully and successfully integrate Red Oak’s tools and achieve maximum efficiency in their regulatory processes.
- Added personnel to the Implementations Team by hiring Rob Canfield as Director of Implementations to ensure customers are supported throughout their onboarding experience.
- Added staff to the software development team providing additional scale to continue enhancing existing solutions while building and releasing new modules for the future.
- Promoted outstanding team members Carmela Ravi and John Proskoczilo to Vice Presidents of Business Development and Amy Watson was promoted to Chief Marketing Officer.
Delivering intelligent software solutions backed by a strong customer-centric business model is a key differentiator for Red Oak. “We don’t work hard just to have happy clients,” said Co-Founder and Chief Operating Officer Cathy Vasilev. “We work hard to deliver impactful solutions that create raving fans. That is what drives our determination and growth.”
Recognition
Red Oak received industry recognition for delivering impactful solutions and experiencing sustained growth, including being honored on:
- The Inc. 5000 list, ranking the fastest-growing privately-owned companies, for the fourth consecutive year.
- The RegTech100 list identifying leaders and innovators in the regtech field for the fourth consecutive year.
- The Financial Times America Fastest Growing Companies list, ranking the fastest growing companies in the US for the fourth consecutive year.
- The GRC Outlook Top 10 RegTech Solutions Provider 2022 list recognizing organizations that implement efficient regulatory solutions and provide support in the continuously evolving global regulatory environment.
According to Red Oak leadership, the successes of 2022 reflect the company’s strong overall position, loyal client base, and steady, sustained growth. “We are continually investing into our infrastructure software, said Stephen Pope, Chief Executive Officer and Co-Founder of Red Oak. “We ensure our firm is well-equipped to successfully meet the needs of our clients as they navigate the ever-expanding world of regulatory requirements, and the success we continue to achieve year-over-year as a privately-owned organization is a direct reflection of our connection with our customers and our understanding of the challenges they face every day. We look forward to continued success as we follow this time-tested formula for putting clients first and building intelligent software to help them meet their regulatory requirements.”
About Red Oak Compliance Solutions
Red Oak Compliance Solutions is the global advertising review software of choice in the financial services industry, serving 50% of the top 20 asset managers in the world. Red Oak’s advertising compliance review software offers quick implementation timelines and agile technology that responds to client needs and is 100% Books and Records compliant. Clients of Red Oak typically see at least 35% faster approvals and 70% fewer touches, with many experiencing even better results. Red Oak also offers Smart Review(SM), which solves for the management and intelligent application of disclosures; Registration Management, which automates the licensing and registration management process; and Complaint Management, which tracks, maintains, resolves, and reports on critical complaint information. To learn more about Red Oak Compliance Solutions, visit redoak.com.
