Compliance Power Tool Reduces Regulatory Burden for Financial Institutions by More Than 70 Percent
Continuity, recently named to the Inc. 500 list of fastest-growing U.S. companies, has released RegAdvisor Pro, a regulatory change management power tool for banks and credit unions.
RegAdvisor Pro was created based on collective feedback from hundreds of financial institutions feeling the increasing burden of regulatory change. The tool automates the entire lifecycle of regulatory change management, from interpretation of change issuances to intuitive task delegation throughout the institution, as well as auditing and reporting.
Over 200 institutions already using the tool have realized a 90 percent reduction in time spent interpreting regulatory change and a more than 70 percent reduction in effort required in the overall compliance management process.
Continuity will unveil RegAdvisor Pro on a live webinar September 24th at 1PM ET.
“On the heels of being named an Inc. 500 fastest-growing company, we’re proud to announce our new RegAdvisor Pro product this week,” said Andy Greenawalt, CEO of Continuity. “This powerful tool automates all the manual processes associated with regulatory change management, so our clients can get back to focusing on what they do best: banking.”
RegAdvisor Pro lightens the compliance burden for financial institutions (FIs). According to the Banking Compliance Index (BCI), the average FI had to deal with 73 regulatory changes in the second quarter of 2015 alone. Managing those new regulations required FIs to spend an additional 582 hours, or the equivalent of 1.72 full-time employees, and an extra $41,471.
Scott Miller, chairman of the Alabama Bankers Association (ABA), says the association’s member institutions are ready for a tool like RegAdvisor Pro.
“ABA has been a partner of Continuity for several years now and they have a great reputation in Alabama,” Miller said. “We’re very much looking forward to helping our member institutions use this new tool for regulatory change management, so they can reduce their regulatory burden.”
Morgan Beck, senior accountant and compliance officer with Security Bank in Illinois, says the tool has already helped her institution better cope with the pace of regulatory change today.
“With RegAdvisor and the team at Continuity, I no longer have to read though pages and pages of regulations. They interpret the regulatory changes effecting my bank and then RegAdvisor automatically assigns the right tasks to the right people to make sure we’re compliant. I have complete control and visibility over the whole process, it’s amazing.”